Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
The Ocean Marine Market: A Unique Animal
Feb 25 2002 // Like life itself, insurance began in the ocean, eventually spawning like the varius land-based descendents we’ve come to know. While those terrestrial variants-auto, homeowners, commercial liability, among others-now...
Catastrophe Modeling-Feeding the Risk Transfer Food Chain
Feb 25 2002 // The increasingly sophisticated business of constructing catastrophe models is driven by three main imperatives: what are the chances of a given event happening; what are the upper and lower limits of a catastrophic...
Swiss Re Report on Terrorism Insurance Endorses Public/Private Solution
Feb 22 2002 // Swiss Re has released a study entitled “Terrorism — dealing with the new spectre,” which concludes that the most promising approach to the problem of terrorism insurance is a “public/private...
Policyholders Launch Coalition to Seek Passage of Terrorism Insurance Plan
Feb 14 2002 // A number of leading trade associations and individual companies have joined together to speak for business insurance policyholders as part of a continuing effort to win passage of a terrorism insurance plan on Capitol...
La. Approves Exclusions
Feb 11 2002 // Louisiana acting Commissioner of Insurance J. Robert Wooley announced the approval of terrorism, mold and pollution exclusions for certain lines of insurance. Wooley said approval of specific coverage exclusions is...
AIR Releases New Earthquake, Typhoon Models for Japan, Australia
Feb 5 2002 // Boston-based Applied Insurance Research, Inc. (AIR), a leading catastrophe modeling firm, has released the 2002 versions of its earthquake and typhoon models for the Asia-Pacific region, in time for the April 1st renewals...
Mo. Licensing Temporary Adjusters Would Impede Aid After Disasters
Feb 5 2002 // Although well-intentioned, a proposal to require the licensing of temporary insurance adjusters following a catastrophe is not needed and would impede assistance to consumers during their time of need according to the...
Workers’ Comp Struggling without Terrorism Exclusion
Feb 5 2002 // Insurers feeling the effects of Sept. 11 have taken desperate measures to stay afloat by increasing rates and rewriting policies with little room for loss. Workers’ compensation continues to have a hard time keeping...
Insurers Praise Bush for Focusing On Continuing Threat
Feb 1 2002 // President Bush’s focus on the continuing danger of another terrorist attack should remind Congress that America’s economic security continues to be at risk since no federal terrorism insurance backstop has been...
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...
