Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
I.I.I. Says 10 Years Later, Business Still Ill-Prepared for Hurricane
Aug 15 2002 // Mitigation efforts to reduce property damage, death, injuries and economic loss from the next Hurricane Andrew have been effective where applied, but their use has been spotty and in some cases their benefit diminished by...
CLASIC/2™
Aug 5 2002 // AIR Worldwide Corporation (AIR), a technological provider in catastrophe modeling and weather risk management, announced the latest release of CLASIC/2™. CLASIC/2, an interactive desktop system for the assessment and...
Risk Retention-The Growing Role of the Alternative Market
Aug 5 2002 // How do I insure thee? Let me count the ways.” With apologies to Elizabeth Barrett Browning, that question’s become increasingly meaningful for risk managers, insurers, agents, brokers, consultants and...
Disparities Between House, Senate Bills Hold Up Terrorism Backstop
Aug 5 2002 // The U.S. insurance industry must have breathed a collective sigh of relief recently, when the Senate approved terrorism insurance backstop legislation after months of debate and delay. But now legislators must reconcile...
Alternative Markets Offer a Variety of Risk Management Options
Aug 5 2002 // How do I insure thee? Let me count the ways.” With apologies to Elizabeth Barrett Browning, that question’s become increasingly meaningful for risk managers, insurers, agents, brokers, consultants and...
ISO Estimates Insurers to Pay $2B for Second-Quarter Claims
Jul 29 2002 // Insurers are expected to pay $1.97 billion to homeowners and businesses for insured-property losses from 10 catastrophe events in the second quarter of this year, according to preliminary estimates by the Insurance...
ISO Reports Nearly $2B in Catastrophe-Related Damages
Jul 26 2002 // Catastrophes resulted in approximately $1.97 billion in insured property damage in the second quarter of 2002, according to preliminary estimates released by the Insurance Services Office Inc.’s Property Claim...
Insurers Push for Global Terrorism Definition
Jul 25 2002 // As terrorism coverage continues to be excluded from more and more property and casualty policies, insurance industry leaders are advocating a global definition of terrorism. Tom Player, attorney at the Atlanta law firm...
Disparities Between House, Senate Bills Hold Up Terrorism Backstop
Jul 22 2002 // The U.S. insurance industry must have breathed a collective sigh of relief June 18, when the Senate approved terrorism insurance backstop legislation after months of debate and delay. But now legislators must reconcile the...
RIMS Backs Senate Terrorism Bill
Jul 19 2002 // The Risk & Insurance Management Society Inc. has informed legislators reconciling a pair of bills that it supports the Senate-backed approach to providing government-supported terrorism insurance relief over the...
Swiss Re Receives $255 Million in Catastrophe Protection
Jul 19 2002 // Swiss Re has obtained $255 million of four-year protection against a series of natural catastrophe risks. As part of the transaction, Swiss Re signed a financial contract with PIONEER 2002 Ltd. (PIONEER), a special purpose...
Insurers looking at $120M Price Tag for Insured-Property Losses from Ariz. Wildfire
Jul 19 2002 // Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Insurance...
AIA Praises N.Y. Department’s Approval of Catastrophe Loads for Workers’ Comp
Jul 16 2002 // New York Insurance Superintendent Gregory V. Serio’s decision to allow insurers to build “catastrophe loads” into their workers’ compensation reserves is a positive step toward dealing with...
AIR Worldwide Unveils 2002 Version of CLASIC/2
Jul 16 2002 // AIR Worldwide Corporation (AIR), a technological provider in catastrophe modeling and weather risk management, announced the latest release of CLASIC/2™. CLASIC/2, an interactive desktop system for the assessment and...
PartnerRe Names Walker to Head of Catastrophe
Jul 16 2002 // Bermuda-based PartnerRe Ltd. named Tad Walker as the Group’s Head of Catastrophe. Walker will be responsible for PartnerRe’s worldwide book of catastrophe business and will manage the underwriting team based in...
ISO Reports Record 2001 Underwriting Losses, Poor Investment Results behind PnC Industry’s First-Ev
Jul 10 2002 // The property/casualty insurance industry recorded its first-ever net loss after taxes in 2001, stemming from sharply higher underwriting losses and substantial deterioration in investment results, according to Insurance...
U.S. Lawyer Urges Global Definition of Terrorism
Jul 10 2002 // Atlanta-based attorney Tom Player, who chairs the Insurance group at Morris, Manning & Martin, LLP, announced that he plans to propose the adoption of a global definition of terrorism for the insurance industry at the...
Ariz. Director of Ins. Visits Claims Facilities in Wildfire Area
Jul 9 2002 // Arizona’s director of insurance, Charles Cohen, recently visited Show Low, Ariz. to inspect the on-site catastrophe claims facilities of the four largest homeowner and auto insurers in Arizona: State Farm, Farmers,...
SEPT. 11 INSURED-PROPERTY LOSS ESTIMATE TOPS $20B:
Jul 8 2002 // Insured-property losses from the Sept. 11 terrorism attack are now estimated at $20.3 billion, up from the $16.6 billion that Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit had reported...
Surplus Lines and the Lloyd’s Market
Jul 8 2002 // Lloyd’s of London is perhaps the most well- known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35...
