Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insurers, Policyholders Clash Over Business Interruption Claims
Nov 7 2011 // Over the years, insurance companies and policyholders have been arguing in courts over how to calculate business interruption losses during catastrophes. This is the type of coverage that is often ignored until there is a...
Best Affirms Hannover Re and Subs ‘A’ Ratings; Outlook Positive
Nov 7 2011 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Hannover Rueckversicherung AG (Hannover...
Texas Lawmaker Uses Jewish Slur in Windstorm Hearing, Then Apologizes
Nov 7 2011 // A Texas state lawmaker on Nov. 3 used a Jewish slur during a legislative committee hearing while telling officials not to delay or cheat people out of legitimate property insurance claims. Rep. Larry Taylor, of...
Numerous Aftershocks Follow 5.6 Magnitude Earthquake in Central Oklahoma
Nov 7 2011 // Central Oklahoma on Nov. 6 experienced dozens of aftershocks following a magnitude 5.6 earthquake that hit late in the evening on Nov. 5 and the magnitude 4.7 tremblor that occurred earlier on the same day east of Oklahoma...
California Earthquake Authority Keeps “A” Ratings
Nov 7 2011 // Fitch Ratings has affirmed the “A” rating on California Earthquake Authority’s outstanding fixed-rate revenue bonds, which mature on July 1, 2016, citing the organization’s ability to cover losses...
Accident Fund Will Cover Comp Claim for Joplin Tornado Survivor
Nov 7 2011 // Michigan-based Accident Fund Insurance Co. of America says it will honor the workers’ compensation claims for a man injured during the tornado outbreak in Joplin, Mo., earlier this year. Mark Lindquist, a social...
Why 9/11 Changed Everything
Nov 7 2011 // Prior to the Sept. 11 attacks 10 years ago, the thought of terrorism didn’t loom large in our nation’s collective psyche or our business decisions; since then, however, it has become a constant factor. This...
State Farm and Sen. Blumenthal Debate Hurricane Deductible
Nov 7 2011 // U.S. Sen. Richard Blumenthal (D-Conn.) recently called on State Farm to drop its hurricane deductible for Connecticut residences whose homes were damaged by Tropical Storm Irene. But State Farm shows no sign of giving in...
P/C Market to See Only Moderate Changes in Rates in 2012: Willis
Nov 4 2011 // Property/casualty insurance rates will continue to be flat to with some slight increases or decreases in most major and specialty lines of insurance. Some exceptions to that trend include catastrophe-exposed property...
AIG Reports Q3 Net Loss of $4.1 Billion
Nov 3 2011 // American International Group reported on Thursday a net loss of $4.1 billion and an after-tax operating loss of $3.0 billion for the third quarter ended Sept. 30, 2011, compared with a net loss of $2.5 billion and an...
Florida, Georgia Agree on Catastrophe Cooperation Plan
Nov 2 2011 // Florida and Georgia have renewed their partnership to provide services in the event a catastrophe compromises their ability to respond to a disaster. First drafted in 2009, the updated plan is designed to ensure a...
S&P Affirms Montpelier Re Ratings; Outlook Stable
Nov 1 2011 // Standard & Poor’s Ratings Services has affirmed its ‘BBB’ long-term counterparty credit rating on Montpelier Re Holdings Ltd. and its ‘A-‘ counterparty credit and financial strength...
AIR Gives Preliminary Analysis of Peru Quake Losses
Oct 31 2011 // In a bulletin released shortly after the earthquake in Peru, Catastrophe modeling firm AIR Worldwide said that “given the relatively sparse population in the epicentral area and the fact that insurance penetration is...
AIR Worldwide Launches Multiple Peril Crop Insurance Model for China
Oct 31 2011 // Catastrophe risk modeling firm AIR Worldwide announced that it has released the industry’s first Multiple Peril Crop Insurance (MPCI) Model for China. AIR said the “new model provides a fully probabilistic...
Q3 Earnings Report: Transatlantic, W.R. Berkley Post Lower Profits
Oct 28 2011 // New York-headquartered international reinsurer Transatlantic Holdings reported third-quarter net income of $68 million, down significantly from $134 million one year ago. The earnings were hurt by $71 million of pre-tax...
50 Homes Added to Louisiana Hurricane Repair Program
Oct 28 2011 // Fifty additional homes have been added to a federal repair program for people in St. John the Baptist Parish, Louisiana, whose houses were damaged by Hurricanes Gustav and Ike. The Times-Picayune reports the parish council...
UPDATE: Hurricane Rina Bearing Down on Yucatan Peninsula
Oct 26 2011 // The latest report from the national Hurricane Center in Miami at 10:00 A.M. CD warns that the Mexican government “has issued a hurricane warning for the northeast coast of the Yucatan Peninsula from Cancun to San...
AIR Estimates Turkey Insured Quake Losses at $56.5 to $170 Million
Oct 26 2011 // Catastrophe modeling firm AIR Worldwide estimates that insured losses from the magnitude 7.2 earthquake that struck eastern Turkey Sunday, October 23rd, near the city of Van, will be between 100 million TRY ($56.5 million)...
Accident Fund Will Cover Comp Claim for Joplin Tornado Survivor
Oct 25 2011 // Michigan-based Accident Fund Insurance Company of America now says it will honor the workers’ compensation claims for a man injured during the tornado outbreak in Joplin, Mo., earlier this year. Mark Lindquist, a...
Hurricane Rina Strengthens off of Yucatan Peninsula
Oct 25 2011 // According to the most recent bulletin from the National Hurricane Center in Miami, issued at 11:00 EDT, Hurricane Rina was located about 300 miles, 480 km, east southeast of Chetumal Mexico, and about 305 miles, 490 km,...
