Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
RMS Estimate: Insured Losses from Hurricane Hanna Won’t Exceed $400M
Jul 30 2020 // Catastrophe risk products and services company, Risk Management Solutions Inc. (RMS), has estimated that insurance losses in the U.S. from Hurricane Hanna will not exceed $400 million. This estimate represents insured...
AIR Worldwide Releases Updated Caribbean Cyclone and Earthquake Models
Jul 30 2020 // Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Tropical Cyclone and Earthquake Models for the Caribbean. These models will provide insurers and reinsurers with a comprehensive view...
The Importance of Forensic Accounting to Future Hurricane BI Claims
Jul 30 2020 // As a licensed general contractor and a certified public accountant in South Florida who has been advising clients in accounting- and construction-related issues for the past 15 years, I have seen hurricane seasons come and...
Hawaii’s Battle is Now Complacency Following Another Hurricane Near-Miss
Jul 29 2020 // Hurricane Douglas joined a long list of hurricanes that have come near the Hawaiian Islands but didn’t cause major damage. Kauai Mayor Derek Kawakami said such experiences unfortunately help people become complacent...
Aon and Insurtech Skytek Collaborate to Track Marine Assets During Hurricane Season
Jul 29 2020 // With the National Oceanic and Atmospheric Administration (NOAA) warning 2020 will see “above-normal” hurricane activity, Skytek, in collaboration with Aon plc, has responded to the needs of marine re/insurance...
COVID-19 Surge in Texas Sparks Worry Amid Hurricane Hanna Cleanup
Jul 28 2020 // As recovery and cleanup efforts got underway on July 27 in South Texas in the wake of a downgraded Hurricane Hanna, worried residents confronted the prospect of undertaking the effort amid a surge in coronavirus cases that...
Karen Clark & Co. Estimates $350M Insured Loss from Hurricane Hanna
Jul 28 2020 // Catastrophe risk modeling firm, Karen Clark & Company (KCC) has estimated the insured loss from Hurricane Hanna, which made landfall on Padre Island, Texas, on July 26, will be close to $350 million, excluding National...
Hawaiian Islands Avoided Direct Hit From Hurricane Douglas
Jul 28 2020 // Hawaii avoided a direct hit from Hurricane Douglas and the Category 1 storm was swirling just north of the island chain. The Central Pacific Warning Center lifted the hurricane warning on Monday for the island of Kauai,...
Removal of Wrecked Cargo Ship in Georgia Port Stalled by Virus, Hurricane Season
Jul 28 2020 // Efforts to cut apart and remove a capsized cargo ship off the Georgia coast are being delayed for more than two months because of hurricane season and challenges posed by the coronavirus, project leaders said Friday. Those...
Anchorage Tsunami Alerts Were Sent by Mistake, Officials Says
Jul 27 2020 // The magnitude 7.8 earthquake in the Aleutian Islands last week should not have sent tsunami alerts as far as Anchorage, Alaska’s most populous city, the Alaska Tsunami Warning Center said. The warnings were justified...
AIR Worldwide Releases Updated Earthquake Model for Australia
Jul 27 2020 // Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. These updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia...
Update: Tropical Storm Hanna Headed Toward South Texas
Jul 24 2020 // A storm churning in the Gulf of Mexico that yesterday was a tropical depression is now Tropical Storm Hanna, the National Hurricane Center has reported. TS Hanna’s center is currently located south of the...
Global Natural Catastrophe Losses During H1 Ranged from $68B to $75B: Munich Re, Aon
Jul 24 2020 // Munich Re and Aon both issued reports this week on the economic and insurance costs of global natural catastrophes during the first half, which varied in magnitude by $7 billion. While Munich Re estimated that natural...
London’s International Underwriting Association Publishes New Motor Terrorism Clause
Jul 24 2020 // A new model clause for clarifying coverage of motor terrorism risks has been published by the International Underwriting Association. It has been developed after a growing spate of terrorist attacks using vehicles led to...
Tropical Depression 8 Stirs Up the Gulf with TS Gonzalo on the Approach
Jul 23 2020 // A tropical depression in the Gulf of Mexico off the coast of Louisiana could become a tropical storm within the next 24 hours, the National Hurricane Center has warned. At 10 am Atlantic Standard Time on July 23, the NHC...
Magnitude 7.8 Quake Hits Alaska Isles, Tsunami Threat Didn’t Materialize
Jul 23 2020 // A powerful 7.8 earthquake struck the Alaska Peninsula late Tuesday, triggering a tsunami warning that sent residents fleeing to higher ground before it was called off without any damaging waves. Hundreds wore masks against...
Travelers Reports Q2 Loss on Catastrophes, Investments; Only Modest COVID Impact
Jul 23 2020 // The Travelers Companies reported a net loss of $40 million for the quarter ended June 30, 2020, compared to net income of $557 million in the prior year quarter. The insurer said the difference was primarily due to higher...
Committee Recommends No Rate Hike for Texas Windstorm Insurer
Jul 23 2020 // The Actuarial and Underwriting Committee of Texas’ insurer of last resort for wind and hail coverage for properties in the state’s coastal counties voted on July 21 to recommend a 0% rate increase to its board...
Northern California Wildfire Growing, 2 Firefighters Injured
Jul 22 2020 // Firefighters and aircraft are working to halt the spread of two forest fires in rural northeastern California as unstable weather brought the risk of gusty winds, thunderstorms and lightning strikes that could start new...
QBE Expects H1 2020 Loss of US$750M on COVID-19, Natural Catastrophe Claims
Jul 22 2020 // QBE Insurance Group expects to report a first-half, after-tax loss of around $750 million, mainly due to COVID-19 claims and natural catastrophes, which included Australia’s bushfires and hailstorms at the beginning...
