Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
EQECAT To Help Canadian Insurance Bureau Redefine CRESTA Zone Boundaries for Earthquake Loss Exposure
Oct 3 2002 // Oakland-based EQECAT has been selected by the Insurance Bureau of Canada (IBC) to participate in a major industry study that will revise and redraw the Canadian CRESTA zone seismic boundaries. The study plans to use...
IIABA, Business Leaders Talk with President Bush on Terrorism Coverage
Oct 3 2002 // Independent Insurance Agents & Brokers of America (IIABA) CEO Robert Rusbuldt, Senior Vice President of Government Affairs Maria Berthoud and two independent agents, along with business and union leaders, met with...
Lili May Become a “Major Hurricane” Today
Oct 2 2002 // Miami’s National Hurricane Center issued a new update on Hurricane Lili, currently located northwest of Cuba, warning that “maximum sustained winds have increased to near 110 mph, with higher...
AAI Encouraged by President’s Stance on Terrorism Legislation
Oct 2 2002 // The Alliance of American Insurers reports it was encouraged by President George W. Bush’s strong stance on the need for federal terrorism insurance legislation earlier this week. “President Bush painted a very...
IIABA Pens Letter to U.S. Senate Chairman to Commend Pursuit of Terrorism Reinsurance Legislation
Oct 1 2002 // In a letter to the United States Senate and Chairman Paul Sarbanes, the Independent Insurance Agents & Brokers of America (IIABA) is commending the Chairman in seeking a quick resolution to the present terrorism...
Pres. Bush Tells Lawmakers to Agree on Terrorism Legislation Within 3 Days
Oct 1 2002 // Noting that time was of the essence, President Bush has given lawmakers three days to come to an agreement on legislation guaranteeing businesses affordable terrorism insurance, according to the Associated Press. Bush...
The State of the Surplus Lines Market with Michael J. Hall
Sep 30 2002 // Insurance Journal publisher Mark Wells recently spoke with Michael J. Hall, chairman of M.J. Hall & Company Inc. and president of Golden Bear Insurance Company, both headquartered out of Stockton, Calif. Hall shared...
Securing Building Sites in the Wake of Sept. 11
Sep 30 2002 // With the remembrance of the events of Sept. 11, building and site security has become an increasingly important issue to companies all over the nation and the world. Nowadays, it is simply not prudent to be lax on...
Hurricane Update – Isidore, Lili and Kyle
Sep 26 2002 // Tropical storm Isidore came ashore in southern Louisiana around 1:00 a.m. this morning, hitting the New Orleans area with heavy rains and high winds, but so far causing only relatively minor damage. One small tornado was...
Isidore Turns North, Threatens U.S. Gulf Coast
Sep 25 2002 // Hurricane Isidore, which has been downgraded to a tropical storm, is currently over the Gulf of Mexico, but its on track to hit the U.S. somewhere between Florida and Texas as early as tomorrow night. After causing...
Indiana Tornado Losses Will Prove Costly
Sep 25 2002 // The tornadoes that ripped through Indiana last week will prove costly. Preliminary estimates put the costs of repairing the damages in Marion County alone at $29,797,800. An article in the Indianapolis Star reported that a...
Primary Carriers Note Restrictions on Personal Lines Terrorism Reinsurance
Sep 25 2002 // Property & Casualty insurers are reporting that reinsurers are imposing a number of the same types of terrorism exclusions and limitations in personal lines that are being put into action for commercial lines. The...
NAII Pens Letter to Congress for federal terrorism reinsurance backstop
Sep 24 2002 // Insurance markets for terrorism coverage remain troubled particularly for commercial property, workers’ compensation and group life markets, according to the National Association of Independent Insurers (NAII)....
Indiana Tornado Causes Widespread Damage, No Lives Lost
Sep 23 2002 // A series of powerful tornadoes ripped through central Indiana on Friday afternoon causing widespread damage, but miraculously no lives were lost and no serious injuries were reported. The storms, which are unusual at this...
Hurricane Isidore Hits Yucatan, Killing 4, May Move North
Sep 23 2002 // Hurricane Isidore smashed into Mexico’s Yucatan Peninsula on Sunday, packing 110 mph winds and dropping 12 to 20 inches of rain in some spots. Four persons were reported killed in storm related auto accidents. After...
RMS Unveils Game Theory-Based Terrorism Risk Model
Sep 19 2002 // Risk Management Solutions (RMS), has launched its U.S. Terrorism Risk model, a model designed to assist property, workers’ compensation, and life insurers and reinsurers in quantifying the risk from catastrophic...
New Guy Carpenter Study Finds Reinsurance Markets Worldwide Hardened in 2002; Rates Increased in All Regions for Virtual
Sep 17 2002 // Rates in 2002 for reinsurance covering the property catastrophe risks of insurance companies increased in all regions for virtually all insurance companies, according to a new report by Guy Carpenter & Co., Inc. The...
Terrorism Insurance Remains Elusive
Sep 12 2002 // Terrorism coverage remains limited to large commercial property holders, one year after the Sept. 11 attacks, according to an article in the Washington Post. American International Group (AIG) CEO Maurice Greenberg said...
So. Korea Insurers Estimate Typhoon Claims at $130 Million
Sep 10 2002 // South Korea’s property/casualty insurers have estimated that they will pay 156.3 billion won (around $130 million) in claims for damages caused by typhoon Rusa, which struck the country last week (See IJ Website...
$20 Million Damage Estimate from Wisconsin Tornado
Sep 5 2002 // A tornado that ripped through the town of Ladysmith in Wisconsin’s Rusk County on Labor Day caused an estimated $20 million in damages. According to a report from the Associated Press local authorities estimated the...
