Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Federal Terrorism Backstop a Good Public/Private Fit
Nov 11 2002 // Benjamin Franklin wore many hats: statesman, inventor, publisher—even firefighter. In fact, it was his experience fighting fires that made him realize the need to pool financial resources to protect properties and found...
RMS Update Shows European Windstorm Damages Climb Upward
Nov 5 2002 // Risk Management Solutions, Inc. (RMS) has updated its estimate of damages and insured losses from Windstorm Jeanette, originally released on Oct. 30. RMS now estimates that total damages from the storm, which impacted...
Earthquakes in Ohio’ Nationwide Says It’s Possible
Nov 5 2002 // Ohio’s Nationwide Insurance has issued a bulletin with the headline “Quake Rumblings Could Surprise Midwesterners,” which, as the company points out, is indeed surprising. Midwesterners may fear...
Serio to Form N.Y. State Commission on Terrorism Insurance
Nov 4 2002 // New York State Superintendent of Insurance Gregory Serio announced plans to create a state commission to address insurance capacity issues affected by Sept. 11 and potential terrorist attacks during a speech at the...
RMS Estimates Windstorm Jeanett May Cause $983 Million in Total Damages
Oct 31 2002 // California-based Risk Management Solutions, Inc. (RMS), announced that the windstorm, designated Jeanett, which has hit the U.K., France, and the rest of northern Europe over the last several days may cause up to 1 billion...
Chubb Notes Written Premiums Grow By 33 Percent
Oct 30 2002 // The Chubb Corporation reported that net written premiums grew 33 percent as insurance rates continued to rise in all three strategic business units and as the company continued to attract new customers. Chubb had an...
SAFECO Reports Continued Earnings With 3rdQ Net Income Increase
Oct 29 2002 // SAFECO reported continued earnings growth as third-quarter net income increased to $75.2 million, or $0.59 per diluted share. Income before charges and realized gains increased to $86.4 million, or $0.68 per diluted...
AAI Defends Federal Terror Bill in Letter to Editor
Oct 29 2002 // David Farmer, senior vice president of federal affairs for the Alliance of American Insurers, issued the following letter to the editor published in the Oct. 27 edition of the Washington (DC) Times newspaper. In it, he...
Report German Gov’t. Seeks Two Month Extension for Airline Terrorist Coverage
Oct 29 2002 // Germany’s newly reelected government has reportedly asked the European Commission (EC) for permission to extend emergency terrorist risk coverage to the country’s airlines until the end of the year. The EC...
Sears Tower Lessor Faces Problem of Terrorist Threat
Oct 29 2002 // Trizec Properties, Inc., which currently manages leasing at Chicago’s Sears Tower, and is scheduled to take over control of the 110-story building next January, is reportedly having second thoughts about the deal due...
Windstorms Batter U.K., France
Oct 28 2002 // Emergency Workers in Southern England and Northwest France were busy Monday morning cleaning up the debris and beginning infrastructure repairs after the passage of a powerful windstorm over the weekend blew down power...
Terrorism Deal for Real’
Oct 28 2002 // By the time this issue of Insurance Journal lands on your desk, federal lawmakers probably won’t have passed legislation that would provide a backstop for terrorism insurance. But they are very close. It’s...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless, commentators were almost unanimous in predicting that the market would harden,...
Who You Going to Call When There’s An Earthquake’
Oct 28 2002 // Insurance Journal senior writer Dave Thomas recently interviewed Dan Dyce, Disaster Response Manager for the California Earthquake Authority (CEA). In this capacity, Dyce, who has been in the industry 29 years, coordinates...
Terrorism Deal for Real’
Oct 28 2002 // By the time this issue of Insurance Journal lands on your desk, federal lawmakers probably won’t have passed legislation that would provide a backstop for terrorism insurance. But they are very close. It’s...
Reinsurance and the Reaction to September 11
Oct 28 2002 // As I am writing this, President Bush is pushing Congress to consider the insurance terrorism bill that has been floating around Congress for months. When asked recently to describe what measures should be taken in order to...
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless commentators were almost unanimous in predicting that the market would harden,...
ISO Estimates Insurers’ 3rdQ Catastrophe Losses Reach $675M
Oct 24 2002 // Insurers are expected to pay $675 million to homeowners and businesses for insured-property losses from six catastrophic events in the third quarter of this year, according to preliminary estimates by the Insurance...
S&P’s: Federal Terrorism Coverage a Concern for Insurer Ratings
Oct 22 2002 // The introduction of federal terrorism coverage could tempt some insurers into taking on exposure irresponsibly and have the perverse effect of casting doubt on ratings, according to a Standard & Poor’s...
La. Commission Updates Hurricane Estimates
Oct 18 2002 // Acting Commissioner of Insurance Robert Wooley announced that based on current industry loss data, the Department of Insurance estimates that Hurricane Lili caused $70 million in insured damages in Louisiana and Tropical...
