Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
NAII Urges Terrorism Exclusions for Personal, Commercial Lines
Jan 30 2002 // The National Association of Independent Insurers (NAII) is urging state insurance regulators to consider personal lines exclusions on a case-by-case basis for insurers that demonstrate the potential for solvency problems...
Putting Parameters on Terror
Jan 28 2002 // One month ago, when the insurance industry resigned itself to the fact that there would be no immediate provision of a federal terrorism reinsurance backstop, the reactions of individual states to this reality became a...
SCOR Launches Multi-Continental CAT Bond with RMS Technical Help
Jan 28 2002 // On Jan. 3, French reinsurer SCOR Group launched the second installment of its innovative Atlas Re catastrophe bond, with technical analysis and parameters provided by Newark, Calif.-based Risk Management Solutions (RMS)...
Workers’ Compensation A Thorn in Side of U.S. Companies
Jan 24 2002 // Workers’ compensation, one of the insurance lines most acutely affected by the terrorism of 2001 and by the continued absence of government backstop insurance for terrorism events, is fast becoming a high-priced...
Without Federal Help, Terrorism Coverage Could be Months or Years Away
Jan 22 2002 // According to the Washington Post, insurance executives told state regulators in Washington, D.C., last week that minus federal help, it could be months or years until they can provide terrorism coverage. They added...
Regulators Should be Deliberate, Flexible When Considering Personal Lines Terrorism Exclusions
Jan 18 2002 // The National Association of Independent Insurers (NAII) has urged insurance regulators to “move with deliberation…on terrorism exclusions for personal lines” and to remain flexible when considering such...
AAIS Files Revised Terrorism Exclusions
Jan 17 2002 // The American Association of Insurance Services (AAIS) has completed a countrywide filing of revised commercial lines endorsements for excluding insurance coverage for losses resulting terrorism. In a related matter, AAIS...
2002 RMS Client Conference to Focus on Technical Knowledge, Practical Insights for Use of CAT Models
Jan 16 2002 // Risk Management Solutions (RMS) announced that its annual Client Conference will be held March 11-14, in San Francisco, at the Westin St. Francis Hotel. The conference’s focus, shaped by direct feedback from RMS...
Alliance Urges Calif. and N.Y. to Reconsider Terrorism Exclusions
Jan 14 2002 // Rodger S. Lawson, Ph.D., president of the Alliance of American Insurers, released the following statement questioning the logic of the decision by the California and New York insurance departments to deny the ISO...
Without Terrorism Exclusions, Surplus Lines Insurers Hold Out Lifeline to Calif., N.Y. Businesses
Jan 14 2002 // AccordingSurplus lines insurers may offer hope for businesses to remain insured in those states, like California and New York, that are refusing to allow insurers to exclude terrorism risks in commercial insurance...
Senate Fails to Act on Federal Terrorism Reinsurance
Jan 14 2002 // During the first weeks of December, covering the story of whether or not Congress would pass a federal terrorism reinsurance bill before the year 2001 was out was pretty much a waiting game. At the time, most insurance...
Senate Fails to Act on Federal Terrorism Reinsurance Bill
Jan 14 2002 // During the first weeks of December, covering the story of whether or not Congress would pass a federal terrorism reinsurance bill before the end of 2001 was pretty much a waiting game. At the time, most insurance industry...
Study Analyzes Effects of 9/11 on Nationwide Workers’ Comp Insurers
Jan 11 2002 // According to a Standard & Poor’s study released Jan. 9, the effects of the Sept. 11 attacks are taking a toll on workers compensation insurers. Rates are ready to rise and it has become increasingly difficult...
S&P Reports Insurers to Cut Coverage for Losses
Jan 10 2002 // Several commercial insurers will cut coverage for losses caused by acts of terror, allowing 2001 policies to go unrenewed for 2002, Standard & Poor’s reported. It added that the withdrawal from the market will...
NAII Claims CDI Unreasonably Forces Insurers to Provide Terrorism Coverage
Jan 10 2002 // California State insurance regulators announced that insurance companies must offer terrorism coverage even though Congress has failed to provide an essential backstop for insurers in the event of future terrorism...
NY Rejects Broad Terrorist Exclusions
Jan 9 2002 // New York State Insurance Department Superintendent Gregory V. Serio has reportedly rejected requests from the insurance community and the NAIC to permit the endorsement of broad “terrorist exclusion” provisions...
Calif. Won’t Adopt Terror Exclusions
Jan 8 2002 // According to a Jan. 7 Los Angeles Times article, California has refused to allow insurers to adopt terrorism exclusion language, a move which has already been by approximately 20 other states in the wake of Sept. 11. The...
RMS and SCOR Structure $150 Million CAT Bond
Jan 7 2002 // The innovative feature of the CAT Bond consists of easily ascertainable parametric triggers for the three geographic regions covered by the transaction.”For the San Francisco Bay Area and Greater Los Angeles, the...
Lemac and Associates Unveils New Earthquake Facility
Jan 1 2002 // California-based Lemac & Associates has unveiled a new earthquake facility. Highlights of the program include $5,000,000 limit per building, $7,500,000 per location; a deductible that can be as low as 2 percent in...
RIMS Urges Congress to Readdress Need for Terrorism Reinsurance
Dec 28 2001 // With the Senate not addressing the issue of federal terrorism reinsurance legislation before the end of the year, The Risk and Insurance Management Society Inc. (RIMS) expressed its disappointment. The Jan. 1 renewal date...
