Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insurity Offers Terrorism Coverage Support; Enhancement to Commercial Intellisys(R) Policy Administration System
Mar 14 2003 // Insurity Inc., a ChoicePoint® company, announced that its policy administration platform now provides broad support for the Terrorism Risk Insurance Act of 2002 mandates. Insurity has taken a multi-phase approach for...
WCIRB Releases Anticipated EQECAT Terrorism Study
Mar 14 2003 // On Jan. 17, 2003, Calif.’s Workers’ Compensation Insurance Rating Bureau’s (WCIRB) Governing Committee authorized the WCIRB to pursue the development of estimates of potential workers’ compensation...
Swiss Re sigma Study Puts 2002 Cat Losses at $13.5 Billion
Mar 13 2003 // A new Swiss Re sigma report, “Natural catastrophes and man-made disasters in 2002,” estimates the cost to the insurance industry at $13.5 billion, $1.5 billion more than the company’s preliminary...
Aon Re, Impact Forecasting Unveil First Multi-Line Catastrophe Analysis
Mar 12 2003 // Aon Corporation’s subsidiary, Aon Re Inc., in conjunction with its catastrophe modeling unit, Impact Forecasting, recently completed the first probabilistic catastrophe risk analysis of a combined portfolio of life,...
Munich Re Issues 2002 Natural Catastrophe Study; L.A., S.F. are High Risk
Mar 11 2003 // Munich Re has issued a new survey report – “topics Natural Catastrophes 2002.” The study found that “storms and floods have an even greater impact on insurers’ claims burdens than in the year...
P/C INSURERS EXPECTED TO PAY $5.8B FOR INSURED PROPERTY-LOSS CATASTROPHE LOSSES
Mar 10 2003 // U.S. property/casualty insurers are expected to pay an estimated $5.8 billion in insured property-loss claims from catastrophes last year, making 2002 the fourth-lowest year in losses in the last 10, according to...
TRIA – a Flood of Paper, a Trickle of Buyers
Mar 10 2003 // December is the most dreaded month for a surplus lines broker. In addition to all the 12/31 and 1/1 renewals, one must deal with underwriters and employees having the gall to go on vacation, holiday parties, holiday...
Circuit Court of Appeals Upholds Calif. Earthquake Law
Mar 5 2003 // A California law allowing homeowners to renew insurance claims from the 1994 Northridge earthquake was upheld March 3 by a federal appeals court, according to the Associated Press. The law was challenged by insurers in an...
Calif. WCIRB Anticipates Results of Terrorism Study
Feb 28 2003 // The California Workers’ Compensation Insurance Rating Bureau (WCIRB) engaged EQECAT in Jan. 2003, a nationally recognized catastrophe modeling firm, to prepare an analysis of potential terrorism losses in...
First Set of Proposed Regs on Terrorism Insurance to Provide Insurers with More Certainty
Feb 27 2003 // The Alliance of American Insurers (AAI) is applauding the U.S. Department of the Treasury for its reported diligence in issuing the first set of regulations under the Terrorism Risk Insurance Act (TRIA) of...
RMS™ Hawaii Hurricane Model Approved by Ins. Division
Feb 26 2003 // Risk Management Solutions (RMS) announced recently that the Insurance Division of the Department of Commerce & Consumer Affairs in Hawaii has approved the RMS™ Hawaii Hurricane model for filing homeowners’...
New Online Course Addresses Terrorism Backstop Mandates
Feb 25 2003 // Dearborn Financial Services has developed an online course to address the new federal requirements for property and casualty insurance mandated by the Terrorism Risk Insurance Act. The course provides a historical overview...
Quackenbush Breaks the Silence
Feb 25 2003 // Insurance Journal senior staff writer Dave Thomas, along with publisher Mark Wells, recently caught up with former California Insurance Commissioner Chuck Quackenbush. Quackenbush, who has been working in Hawaii as a...
Business Disruption/Bio-Terrorism
Feb 25 2003 // Nuts & Bolts: Venture Programs Inc. introduced a new type of business insurance coverage that protects against the loss of income due to terrorist-related Anthrax attack and other airborne diseases. The Airborne...
Quackenbush Breaks the Silence
Feb 24 2003 // Insurance Journal senior staff writer Dave Thomas, along with publisher Mark Wells, recently caught up with former California Insurance Commissioner Chuck Quackenbush. Quackenbush, who has been working in Hawaii as a...
N.Y. Dept., ISO Finalize Terrorism Loss Costs
Feb 19 2003 // New York Superintendent of Insurance Gregory Serio announced that the Department has reached an agreement with the Insurance Services Organization (ISO) on terrorism loss costs for commercial property in New York...
P/C Insurers Expected to Pay $5.8B for Insured Property-Loss Catastrophe Losses
Feb 14 2003 // U.S. property/casualty insurers are expected to pay an estimated $5.8 billion in insured property-loss claims from catastrophes last year, making 2002 the fourth-lowest year in losses in the last 10, according to...
RMS Launches 3rd Generation Earthquake Models For Western U.S.
Feb 14 2003 // Risk Management Solutions (RMS) announced the launch of new earthquake models for the western U.S. and western Canada. The models use the latest data on seismic risk from the U.S. Geological Survey (USGS) 2002 National...
RMS Unveils First Hurricane Model to Include Effects of Extratropical Transition
Feb 13 2003 // Risk Management Solutions (www.rms.com), a provider of products and services for the management of catastrophe risk, has launched the third generation of its U.S. Hurricane model, the first such model to fully represent...
Commercial Lines Auto: A Sleeping Giant Awakens
Feb 10 2003 // The commercial lines auto market used to be a steady line of business, stirred up occasionally by a Department of Transportation regulatory change or fallout from personal auto regulatory issues. Like other lines, it was...
