Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
Industry Representatives Say Calif. Is Prepared
Dec 24 2001 // How would California respond to a disaster, be it a major earthquake, fire or something the equivalent of Sept. 11? Addressing the state’s level of preparedness in the event of a major tragedy, representatives of the...
Welcome to the 3rd Annual “Top Ten Stories of the Year”
Dec 24 2001 // In what became one of the most significant, traumatic and challenging years in U.S. history, the insurance industry, along with the rest of the nation, has had to come to terms with the terrorist attacks perpetrated...
Congressional Stalemate Could Slow Down Economic Recovery
Dec 24 2001 // The political stalemate that resulted in Congress’ failure to implement a federal terrorism insurance backstop could stifle an economic recovery and shifts the pressure for handling such risks to state regulators....
Council of Insurance Agents + Brokers Responds to Failure of Federal Terrorism Reinsurance Legislati
Dec 24 2001 // In response to no Congressional action being taken on federal terrorism reinsurance legislation died in 2001, Ken Crerar, president of The Council of Insurance Agents + Brokers, stated that the move was a disappointment to...
Insurers Lament Senate Inaction on Crucial Federal Terrorism Insurance Legislation
Dec 21 2001 // The push to enact federal terrorism insurance before the end of the year failed on Dec. 20 after promising Senate legislation was held hostage because some provisions ran contrary to the trial lawyer’s agenda,...
ABA Sets Up Task Force on Insurance and Terrorism Claims
Dec 21 2001 // The American Bar Association announced the creation of a Task Force on Insurance and Terrorism Claims to address insurance issues arising out of the terrorists attacks on the World Trade Center and the Pentagon. The...
NAMIC Creates ‘Terrorism Re’ Channel
Dec 19 2001 // Responding to the need by National Association of Mutual Insurance Companies (NAMIC) members and the industry for late breaking information regarding the terrorism debate on Capital Hill, and because NAMIC believes that it...
NAMIC Calls for One Definition of Terrorism
Dec 17 2001 // The National Association of Mutual Insurance Companies (NAMIC) commented on a draft definition of terrorism released recently by an Ad Hoc Committee on Legal Issues of the National Association of Insurance Commissioners...
Top 10 Stories of 2001
Dec 17 2001 // Recollections and Renewal: Looking Back at 2001 with an Eye to the Future This is the year that was. It is one that many people will be glad to see come to an end because the new year always brings hope—for a rebirth,...
