Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Catlin Introduces ‘UK Asymmetric’ Terrorism Insurance and Crisis Response Product
Jan 23 2013 // London-based underwriting subsidiaries of the Bermuda-based Catlin Group Limited have introduced a new terrorism insurance product that includes unique crisis response services as well as coverage for chemical, biological,...
Travelers Q4 Profit Down, Hurt by $669M Sandy Loss; Full-Year Profit Up
Jan 22 2013 // The Travelers Companies Inc. today reported net income of $304 million for the 2012 fourth quarter, down 51 percent compared to $618 million net income posted during the same period in 2011. Still, the 2012 full-year net...
Kansas, Missouri Could Be Hit by Disaster Aid Fight
Jan 18 2013 // Midwesterners accustomed to generous government aid after ice storms, floods and tornadoes may soon have to look somewhere else for help when disaster strikes. Even as the U.S. House on Jan. 15 passed a $50.7 billion aid...
A Future Without the Terrorism Insurance Backstop?
Jan 18 2013 // The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of coverage to...
Florida Looks to Restructure Its Hurricane Fund; Federal Option Proposed
Jan 18 2013 // Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its...
Many Hostages in Gas Plant Siege Unaccounted for; New Terrorist Threats
Jan 18 2013 // At least 22 foreign hostages were unaccounted for on Friday and their al-Qaeda-linked captors threatened to attack other energy installations after Algerian forces stormed a desert gas complex to free hundreds of captives,...
Parish in Louisiana Files New Charges in Hurricane Gustav Flood Appeal
Jan 14 2013 // Officials in Louisiana’s Livingston Parish claim lies, bungling and withholding of information are grounds for reversal of the Federal Emergency Management Agency’s decision to deny $46 million in waterway...
What Happens if TRIPRA Isn’t Reauthorized?
Jan 14 2013 // With Just 24 Months to Go, Now is the Time to Prepare The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be...
2012’s Weather Brought Its Share of Billion-Dollar Events
Jan 14 2013 // Last year may not have measured up to 2011 in terms total damages or havoc wreaked, but the tally on the year’s billion-dollar weather related events still ranks as impressive. The National Oceanic and Atmospheric...
Judge: Records of Michigan Catastrophic Claims Fund Are Public
Jan 14 2013 // An insurance fund that slaps a fee on every Michigan car to pay for catastrophic injuries suffered in accidents has been ordered to open its books and demonstrate how it sets the annual rate. The decision by an Ingham...
Governments Struggle with Financial Crisis as the Planet Warms up
Jan 11 2013 // The global economy has been through economic recessions before, and has eventually recovered from them. This time around, however, it must do so while coping with the ever increasing menace of climate change – that makes...
2011 Joplin Tornado Losses Could Reach $2B
Jan 11 2013 // State regulators say insurance claims from the May 2011 Joplin, Mo., tornado are likely to reach $2 billion. The tornado killed 161 people, injured hundreds of others and damaged or destroyed thousands of homes and...
Best Affirms Amlin AG, Amlin plc, Lloyd’s Syndicate 2001 Ratings; Outlook Stable
Jan 11 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Lloyd’s Syndicate 2001, which is...
N.Y. Lawmakers Introduce Bill to Cap Hurricane Deductibles at $1,500
Jan 10 2013 // New York legislators have introduced a bill this week that seeks to cap the percentage-based hurricane deductibles for homeowners’ insurance or dwelling fire personal lines policy in New York State at $1,500.The New...
Aon Benfield December Cat Report: Philippines Typhoon, Extreme Weather
Jan 9 2013 // In its latest Global Catastrophe Recap report Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, focuses on Super Typhoon Bopha, which killed 1,901 people and injured 2,666 others...
Right Street: A Plan for New York to Prepare for Catastrophes
Jan 8 2013 // New York State’s NYS 2100 Commission, created by Gov. Andrew Cuomo in the wake of Hurricane Sandy to offer recommendations on ways to better prepare for natural disasters, is out with its initial report, including a...
After the Storm: Insurance Agents E&O Lessons Learned
Jan 8 2013 // More often than not, a second wave of claims against insurance agents by their clients follows a natural disaster. As parties find themselves without the coverage they expected after a catastrophe, it appears to be a...
Texas Weather Catastrophes Cause $2.3 Billion Losses in 2012
Jan 7 2013 // Texas recorded seven catastrophic weather events in 2012 that resulted in $2.3 billion in insured losses, the Insurance Council of Texas reported. The Dallas/Fort Worth area received the brunt of the damage from tornadoes...
NOAA: 2012’s U.S. Billion-Dollar Extreme Weather Events ‘Impressive’
Jan 4 2013 // Last year may not have measured up to 2011 in terms total damages or havoc wreaked, but the nearly dozen recorded billion-dollar weather related events still ranks as impressive. That’s according to the National...
PERILS’ Final Windstorm Andrea Loss Cost is $438 Million
Jan 4 2013 // PERILS, the Swiss-based cat modeling firm, has announced that its fourth and final loss report for windstorm Andrea, which affected the UK and Western Europe from 4 to 5 January 2012, is estimated at €336 million [$437.5...
