Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
New Earthquake Risk Models Likely To Reduce Insured Loss Estimates
Aug 6 2009 // Newark, Calif.-based Risk Management Solutions (RMS) has unveiled its next-generation models for North America earthquake risks, covering the United States and Alaska, Canada and Mexico. The new models are likely to lead...
Hurricane Headed for Hawaii; Typhoon Could Strike Taiwan
Aug 6 2009 // In the eastern Pacific, Hurricane Felicia is moving towards Hawaii. As of the National Hurricane Center’s 11:00 EST advisory on Thursday, Hurricane Felicia — currently at category 4 strength — is in the...
U.S., Colorado Forecasters Trim Atlantic Hurricane Forecasts Again
Aug 5 2009 // The Colorado State University storm research team cut its 2009 Atlantic hurricane season forecast Tuesday, predicting that El Nino would trim the tally to 10 tropical storms, with four becoming hurricanes. The noted...
Florida, Georgia Insurance Chiefs Renew Catastrophe Cooperation Plan
Aug 4 2009 // Florida Insurance Commissioner Kevin McCarty and Georgia Insurance Commissioner John Oxendine have renewed a partnership agreement to ensure continuity of operations in the event of a catastrophe that causes significant...
New Homeowners Earthquake Rating Plan Available
Aug 3 2009 // Wheaton, Ill.-based American Association of Insurance Services (AAIS) has developed a new rating plan for adding earthquake coverage to policies based on standardized forms, manual rules, and rating information provided...
2nd ‘Stanford’ Suit Targets Willis; Terrorist Bombs Kill 9 in Indonesia; Insurance Fraud on the Rise in UK; Lloyd’s ‘Fli
Aug 3 2009 // Willis has been named in a second lawsuit stemming from its relation with indicted financier Allen Stanford. A Venezuelan investor, Reinaldo Ranni, filed a class action in U.S. federal court in Miami on July 17, accusing...
The Hartford Posts Net Loss of $15M in Q2; P/C Combined Ratio at 90.4%
Jul 31 2009 // The Hartford reported a second quarter 2009 net loss of $15 million compared with second quarter 2008 net income of $543 million. Even so, Ramani Ayer, chairman and chief executive officer of The Hartford, said the insurer...
Researchers Hope to Improve Hurricane Prediction
Jul 30 2009 // They’re deceptively simple looking detectors: one an antenna with built-in GPS; the other electronic sensors inside what looks like — and in fact, is — a large, upside-down metal salad bowl. The sensors...
Texas Enacts Windstorm Insurance Reforms; Will They Be Enough?
Jul 30 2009 // During the recently completed 81st Legislative Session, the Texas legislature adopted the most significant reforms to the Texas Windstorm Insurance Association (TWIA) since 1997 with the passage of House Bill 4409 (HB...
Travelers Earnings Fall 20% in Q2; Net Premiums Down Slightly
Jul 30 2009 // Travelers Cos. Inc. said on Thursday that second quarter earnings fell about 20 percent on lower investment income and underwriting profit. An increase in premium levels helped Travelers’ net policy sales keep pace...
Suit Targets The Hartford’s Handling of Hurricane Wilma Claims in Florida
Jul 29 2009 // A Miami lawyer has filed class action suit against The Hartford alleging the company failed to pay replacement cost on Hurricane Wilma claims to insureds who had purchased the coverage. The suit claims The Hartford refused...
Earthquake Monitors Placed in North Dakota
Jul 29 2009 // North Dakota, known for blizzards and floods, is getting sensors to check for earthquakes as part of a national project listening to what happens underground. The possibility of a big quake damaging the state is remote:...
Challenges to Anti-Concurrent Cause Clauses Linger in Katrina Lawsuits
Jul 27 2009 // Hurricane Katrina, in addition to causing unprecedented damage and destruction, added significantly to the workload of state and federal courts in Louisiana and Mississippi. Almost four years after the fact, those courts...
Kansas Town Destroyed by Tornado Now a Model ‘Green’ Community
Jul 27 2009 // Greensburg, Kan., which was nearly wiped off the map by a tornado two years ago, is famous for having the world’s largest hand-dug well and the world’s largest pallasite meteorite. Now it’s another...
IPC Sale to Validus Includes ‘Storm-proof’ Agreement
Jul 27 2009 // IPC Holdings, the Bermuda catastrophe reinsurer that attracted interest from more than a dozen bidders, held out for a storm-proof agreement before agreeing to a sale to rival Validus Holdings The $1.65 billion...
State Regulation, Earthquake Coverage of Concern to Missouri’s Huff
Jul 24 2009 // In an address to some 130 members of the Missouri Association of Insurance Agents (MAIA) Missouri Insurance Director John M. Huff made a strong argument that states, rather than the federal government, should continue to...
Canada’s Insurers Respond Quickly to Wildfire Crisis
Jul 23 2009 // Insurers in British Columbia “are acting quickly to assist those whose homes and businesses have been affected by the forest fires currently raging in the province,” notes a bulletin from the Insurance Bureau...
S&P Lowers Ratings on 6 Cat Bonds; Puts 4 on CreditWatch/Negative
Jul 21 2009 // Standard & Poor’s Ratings Services announced that it has lowered its ratings on six natural peril catastrophe bonds issued in 2007 and 2008, as listed below. The bulletin said: “We lowered our ratings by...
Web Site Estimates Damages if Old Storms Returned Today
Jul 20 2009 // This month marks the four-year anniversary of Hurricane Dennis, a Category 3 storm that slammed into the panhandle of Florida with sustained winds of 120 m.p.h. While Dennis inflicted more than $2.2 billion in damage in...
Hawaii Could Tap Hurricane Emergency Fund to Shore-Up Budget
Jul 20 2009 // A Hawaii judge has blocked Gov. Linda Lingle from forcing thousands of public employees to take three unpaid days off per month, dealing her a setback in efforts to tame a huge state budget gap. Unions opposed to the...
