Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
House Likely to Move on Terrorism Bill
Nov 20 2001 // The House will move swiftly after the Thanksgiving recess to put into law a terrorism insurance bill aimed at preventing an economic crisis if coverage is not available after Jan. 1. According to The Washington Post,...
Insurers Seek Permission From State Regulators to Exclude Terrorism
Nov 19 2001 // In the wake of the Sept. 11 terrorism attacks, insurance companies have begun seeking permission from state regulators to exclude terrorism coverage from a number of policies in 2002, including home, auto and life....
S&P: Company Ratings Could Suffer in Federal-State Squeeze on Terrorism Risk
Nov 13 2001 // Commercial insurers face a potentially untenable situation if the federal government fails to pass legislation that would help cushion terrorism costs to the industry by the end of November, and if state insurance...
IIAA Looks at Terrorism Bill Vote as Momentum Builder
Nov 13 2001 // A vote by the House Financial Services Committee last week to approve legislation to aid insurance consumers following future terrorist attacks serves as a momentum builder on Capitol Hill, according to Independent...
The View from Up There-Insurers Embrace Space Age Technologies
Nov 12 2001 // The key witness in a recent crop fraud case turned out to be a camera. In June 2001, a U.S. District judge in Arkansas ruled against several farmers accused of filing false crop insurance claims totaling approximately...
NAIC SPRV Model Provides Added Tool to Manage Risk for Natural Catastrophes
Nov 5 2001 // The National Association of Insurance Commissioners’ (NAIC) adoption of the Special Purpose Reinsurance Vehicle (SPRV) Model Act will provide a template for states to create legislation that will enable onshore...
Industry Pays First $10 Billion of Future Terror Claims in Latest Fed Plan
Nov 5 2001 // The Bush administration and Congressional leaders hammered out a new version of a plan to provide reinsurance assistance to the U.S. insurance industry in the wake of the September 11th terrorist attacks, although...
NAMIC Addresses Capital Markets Panel Examining Availability of Terrorism Insurance
Nov 2 2001 // The executive vice president & general manager of North Carolina Farm Bureau Mutual Insurance Company will address the House Financial Services Capital Markets Subcommittee today on behalf of the National Association...
NAMIC Board of Directors Votes to Endorse Offshore Property Catastrophe Facility
Oct 31 2001 // The National Association of Mutual Insurance Companies (NAMIC) Board of Directors voted Oct. 24 to endorse an offshore property catastrophe facility that will be available exclusively to member companies. Renaissance...
NAMIC Launches Catastrophe Facility for Member Companies
Oct 30 2001 // The National Association of Mutual Insurance Companies (NAMIC) Board of Directors voted Wednesday to endorse an offshore property catastrophe facility that will be available exclusively to member companies. Renaissance...
Senators Critical of Bush Assistance Plan
Oct 29 2001 // Senators from both parties criticized the Bush administration’s proposed three-year assistance program for the insurance industry to help it manage terrorism risk. According to an AFX report, while some Democrats...
NAIC Outlines Principles for Federal Role in Terrorist Insurance Coverage
Oct 29 2001 // In Congressional testimony, National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius outlined the NAIC’s suggested role for the federal government in...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Federal Government, Insurers Debate Plan to Cover Future Terrorist Acts
Oct 29 2001 // The push is on for creation of a federal plan to deal with future terrorist attacks. The Bush Administration has come up with an alternative to the insurance industry’s initial proposal, which called for a terrorist...
IIAA Calls for Passage of Remedy to Terrorism Reinsurance Problems
Oct 26 2001 // In testimony submitted on Capitol Hill, the Independent Insurance Agents of America (IIAA) strongly urged Congress to pass legislation to remedy the availability of terrorism reinsurance in the wake of the Sept. 11...
Consumer Federation’s Terrorism Insurance Plan Based on ‘Wishful Thinking’
Oct 26 2001 // A proposal to establish a federal terrorism reinsurance program offered by the Consumer Federation of America (CFA) is based on faulty assumptions and wishful thinking, according to the National Association of Independent...
S&P: Maintenance of Ratings Depends on Mitigating Terrorism Risks
Oct 24 2001 // Wholesale withdrawal from terrorism coverage is shielding the U.S. insurance industry from widespread rating actions following the September attacks, but it leaves U.S. commerce highly vulnerable to any future acts of a...
NAIC Meets in Washington to Discuss Sept. 11 Aftermath
Oct 24 2001 // Six weeks following the attacks on New York and Washington, insurance companies and regulators are still working on a plan to make sure future terrorist strikes are covered. According to a report in the South Florida...
Insurer Seeks Washington State Permission to Exclude Terrorism Acts
Oct 24 2001 // Philadelphia-based Ace USA is seeking permission from the Washington State Insurance Commissioner to exclude acts of terrorism from the policies it issues to businesses. According to a report in The Seattle Times, the...
SAFECO Reports 3Q Results, Strengthens Reserves by $240M
Oct 23 2001 // SAFECO reported third-quarter income, before charges, of $7.8 million or $0.06 per diluted share. Including $240 million in reserve strengthening and previously announced restructuring charges, SAFECO posted a net...
