Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
A.M. Best Assigns A- (Excellent) Rating to CEA
Dec 9 2002 // A.M. Best Co. has assigned an initial Financial Strength Rating of A- (Excellent) to the California Earthquake Authority. The rating reflects the unique role the CEA serves in ensuring that insurance coverage for losses...
ISO Files Policy Forms and Rules for Insurers to Meet Terrorism Coverage
Dec 6 2002 // Insurance Services Office, Inc. (ISO) has filed with all state insurance regulators the commercial insurance policy forms carriers can use to sell terrorism coverage. The new ISO-developed forms contain standardized policy...
NAII Praises Treasury’s Quick Action on Terrorism Guidance
Dec 5 2002 // The Treasury Department has announced interim guidance for the insurance industry in meeting certain requirements under the Terrorism Risk Insurance Act of 2002. Treasury Under Secretary Peter Fisher, joined by Terri...
ISO Says Insurers’ Losses from Seven-State Tornado Damage Stand at $460M
Dec 4 2002 // Insurers are expected to pay homeowners and businesses $460 million for insured-property losses from the rash of tornadoes, strong thunderstorm winds and hail that struck seven states on Nov. 9-10, according to preliminary...
NAIC Adopts Terrorism Bulletin One Week Prior to San Diego Meeting
Nov 29 2002 // In an interim meeting this week, the National Association of Insurance Commissioners (NAIC) adopted a bulletin that outlines regulators’ expectations regarding filing of rates, policy form language and disclosure...
China Extends Airline Terrorism Coverage
Nov 26 2002 // The Chinese government announced on Monday that it was extending insurance coverage of war and terrorist risks for the country’s airlines for an additional month, until December 24, 2002. The coverage was first made...
AIR Releases New Models for the Asia-Pacific Region
Nov 26 2002 // AIR Worldwide Corporation (AIR), one of the leading providers in catastrophe modeling and weather risk management, announced the release of new typhoon and earthquake models for the Asia-Pacific region. “The new...
Pres. Bush Signs Terrorism Risk Act into Law
Nov 26 2002 // President George W. Bush signed into law, H.R. 3210, the Terrorism Risk Insurance Act of 2002, Tuesday. “Since its introduction, the Terrorism Risk Insurance Act, has gone over a lot of tough hurdles. Had it not been...
CIAT Views Backstop to Increase Availability, Reduce Cost of Terrorism Risk Coverage
Nov 26 2002 // The Coalition to Insure Against Terrorism (CIAT) announced its support with Tuesday’s signing by President George W. Bush of the Terrorism Risk Protection Act of 2002. Spokesperson Martin DePoy, vice president for...
S&P’s: Little Ratings Cheer for Insurers in Terror Law
Nov 26 2002 // The newly mandated adoption of terrorism risk by commercial property/casualty insurers in the U.S. casts a shadow on ratings prospects, compounding Standard & Poor’s negative outlook on the industry, according...
RMS ESTIMATES WINDSTORM JEAN-ETT CAUSED MAJOR FINANCIAL IMPACT
Nov 25 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 in late October, could cause up to 1 billion Euros...
Public Entities: A Specialized Niche
Nov 25 2002 // Take the hard market, combine it with the Sept. 11 tragedy, and mix those two ingredients into an already intricate and compound underwriting process and you’ve got yourself the public entities marketplace. Ask any...
Public Entities: A Specialized Niche
Nov 25 2002 // Take the hard market, combine it with the Sept. 11 tragedy, and mix those two ingredients into an already intricate and compound underwriting process and you’ve got yourself the public entities marketplace. Ask any...
NAII Praising Senate for Including Risk-Sharing Mechanisms in Terrorism Reinsurance Bill
Nov 22 2002 // The Senate’s recent approval of H.R. 3210, the Terrorism Risk Insurance Act of 2002, puts the bill on the desk of President Bush, who is expected to sign the legislation Dec. 2. The new legislation creates a...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
AAI Lauds Senate Approval of Terrorism Legislation
Nov 20 2002 // Alliance of American Insurers President Rodger Lawson, is praising Tuesday’s Senate passage of the Terrorism Risk Protection Act Conference Report, HR 3210, as “another important step on the road to insurance...
Aon Unveils Two New Workers Comp Models for Earthquakes and Terrorism + James Bond
Nov 18 2002 // Aon Corp.’s subsidiary, Aon Re Inc., has unveiled two timely new models for workers’ compensation catastrophes. One covers all significant U.S. earthquake regions, and the second analyzes terrorism exposures...
NYC Comptroller, AAI Square off over High Rates
Nov 15 2002 // New York City Comptroller William Thompson Jr. announced the release of a survey showing drastic increases in commercial insurance premiums since Sept. 11, 2001, “One Year Later: The Effects of 9/11 on Commercial...
IIABA Commends House Approval of Terrorism Insurance Legislation
Nov 15 2002 // The Independent Insurance Agents & Brokers of America (IIABA) commends House leaders for working cooperatively to pass terrorism insurance legislation yesterday, and urges the Senate to immediately follow suit and...
Midland Ups Estimates of Losses from Hurricane Lili
Nov 14 2002 // The Cincinnati-based Midland Company announced that it has reevaluated the projected impact of losses from Hurricane Lili on its October underwriting results for its American Modern Insurance Group subsidiary. It now...
