Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Does a CPP Cover Trees Knocked Over by a Hurricane?
Nov 6 2017 // When a hurricane blows through, it isn’t just the trees on a homeowner’s property that could be damaged. There could be trees on a business’ property that are damaged as well. Does the commercial property...
How Warming Seas Could Cost South Carolina $12 Billion
Nov 6 2017 // If oceans warm at a rate predicted by the Intergovernmental Panel on Climate Change, the United Nation-sponsored group that assesses climate change research and issues periodic reports, expected financial losses caused by...
Insured Losses from Hurricane Nate Could Top $1B
Nov 6 2017 // Catastrophe modeling companies have estimated insured losses from Hurricane Nate will reach $500 million and could even top $1 billion. Hurricane Nate formed as a tropical depression on Oct. 4, 2017, and was upgraded to a...
Georgia Estimates $550M in Insured Losses from Hurricane Irma
Nov 6 2017 // Georgia’s estimated insured losses from Hurricane Irma have climbed to more than $550 million, with insurers reporting approximately 103,163 claims filed as of October, according to Georgia Insurance Commissioner...
Commissioner Denies Texas Windstorm Insurance Association Request to Raise Liability Limits
Nov 6 2017 // Texas Insurance Commissioner Kent Sullivan in mid-October declined to approve a request by the Texas Windstorm Insurance Association to raise the maximum limits of liability on windstorm and hail policies. TWIA filed a...
Officials Confirm Oklahoma Casino Hit with EF1 Tornado
Nov 6 2017 // Emergency managers say an Oklahoma casino had part of its roof torn off by an EF1 tornado during a concert that the state’s governor was attending in late October. The twister touched down in Cleveland County, one of...
Hurricane Damage Tracked by East Texas Company’s Drones
Nov 3 2017 // Unmanned aircraft helped a Nacogdoches, Texas, business survey hurricane damage with a degree of speed and safety once thought impossible. The Daily Sentinel reports after Hurricane Harvey battered the Texas coast and...
Hurricanes Drive Q3 Loss for Liberty Mutual But ‘Fundamentals Remain Healthy’
Nov 3 2017 // Liberty Mutual Holding Co. Inc. reported a net loss of $665 million for the three nine months ended September 30, 2017, versus net income of $455 million for the same period in 2016. The net loss in the quarter was driven...
$2.1M in Funding For Montana Town’s Tornado Recovery Efforts
Nov 3 2017 // Montana officials say they have secured $2.1 million in federal disaster aid for ongoing cleanup efforts in the town of Baker where a tornado tore up homes, leaving a lake covered in hundreds of tons of debris. The...
AIG Reports Q3 Loss on Commercial Lines Reserve Boost, Catastrophe Losses
Nov 3 2017 // Highlighting the development as a “noteworthy item” in an earnings announcement Thursday night, American International Group reported prior-year loss reserve strengthening of $836 million before taxes, which...
Texas Hurricane Czar: State Needs $61B from Feds for Harvey Recovery
Nov 2 2017 // Texas needs $61-plus billion in federal funding just to rebuild public infrastructure damaged by Hurricane Harvey, as well as to cover projects to prevent future flooding. John Sharp, Texas’ Harvey recovery...
Lancashire Reports Q3 Loss of $136.4M on High Natural Catastrophe Claims
Nov 2 2017 // Lancashire Holdings Ltd reported a third-quarter pretax loss after what looks set to be the costliest quarter ever for insurers and reinsurers due to natural catastrophes, but said it was seeing some evidence of an...
California Wildfires Destroyed Part of Hewlett-Packard Archives
Nov 1 2017 // California’s deadliest wildfires have also destroyed an irreplaceable collection of Silicon Valley history. The Santa Rosa Press Democrat reported that more than 100 boxes of letters and other materials from tech...
Insured Losses from California Wildfires Now at $3.3 Billion
Oct 31 2017 // The largest California insurers have so far reported more than $3.3 billion in insured losses from the October wildfire siege, now considered the most destructive fires in state history. Insurance Commissioner Dave Jones...
Cat Facility CCRIF to Pay Trinidad & Tobago $7M for Severe October Rains
Oct 31 2017 // Cayman Islands-based CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) announced that Trinidad & Tobago will receive a payout of US$7,007,886 (approximately TT$47.4 million) on an excess rainfall...
California Wildfires: May Take Years for Full Recovery
Oct 30 2017 // It will take at least months and likely years to fully recover from devastating wildfires that ripped through Northern California earlier this month, destroying at least 8,900 structures and killing 42 people, Sonoma...
Not All Expect Hurricanes to Bring 2018 P/C Insurance Hard Market
Oct 30 2017 // The worst hurricane season in modern U.S. history is starting to look like a blip on the charts of insurance stocks, with investors banking on a quick restoration of capital as firms rediscover pricing power. It’s a...
Florida Hurricane Fund Irma Payouts Could Exceed $5B
Oct 30 2017 // Hurricane Irma’s damaging rampage through Florida may require the state fund that provides backing to private insurers to pay up to $5.1 billion in claims. Anne Bert, chief operating officer for the Florida Hurricane...
Taxing Affiliate Reinsurance Could Cripple the New Madrid Zone
Oct 29 2017 // Between Hurricanes Harvey and Irma, natural catastrophes are top of mind for many Americans. Yet, the nation’s exposure to catastrophic risk is not limited to wind and waves. Earthquakes, like hurricanes, are costly...
Insured Loss Estimates from California Wildfires Now up to $8 Billion
Oct 27 2017 // Insured losses from the siege of California wildfires could possibly reach $8 billion, according to new estimates released on Friday by catastrophe modeler RMS. The firm now estimates the insured loss for the wildfires...
