Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
California Earthquake Authority Selects Broker Team for Reinsurance Program
Dec 12 2008 // The California Earthquake Authority Governing Board today approved a team of reinsurance intermediaries to work on the CEA’s behalf to meet its reinsurance needs. AON Benfield will act as lead intermediary, with Guy...
Several Mississippi Counties Hit by Tornadoes
Dec 11 2008 // The National Weather Service says several possible tornadoes were reported in several counties late Tuesday night, damaging homes and knocking down trees and power lines. However, no injuries have been reported. Forecaster...
Texas Windstorm Insurance Association: 63% of Ike Claims Closed
Dec 11 2008 // Texas’ insurer of last resort for wind and hail coverage along the coast reports that 63 percent of claims from Hurricane Ike have been closed and that more than $519 million has been paid to policyholders so...
Willis Research Scientists Unveil ‘Groundbreaking’ Hurricane Models
Dec 11 2008 // Scientists from the Willis Research Network (WRN), part of Willis Group Holdings Limited, have outlined groundbreaking new research on future hurricane activity and storm clustering in a presentation at Willis London...
Insurers Seek Cut in Florida Hurricane Fund Charges to Reflect Reality
Dec 10 2008 // Property/casualty insurers in Florida believe they are being overcharged for coverage from the state’s hurricane fund and some of them are looking for a refund. Insurers contend that the state fund is only...
AIR Updates Earthquake and Typhoon Models for Japan
Dec 10 2008 // AIR Worldwide Corporation announced that it has updated its probabilistic catastrophe risk models for Japan. AIR said the “enhanced models will improve the management of earthquake and typhoon risk in Japan. The AIR...
Best Says Flagstone Re’ ‘A-‘ Ratings ‘Unchanged’
Dec 9 2008 // A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Flagstone Reassurance Suisse SA and the ICR of “bbb-“of...
Post-Hurricane Planning Efforts Falter in Louisiana
Dec 9 2008 // Hurricane Katrina’s devastation sparked a sweeping planning survey in Louisiana that called for improved transit operations, stronger land-use policies and coordinated state work to make it all happen. The 2007...
California Sues Utility Over 2006 Ventura County Wildfire
Dec 8 2008 // California is suing Southern California Edison and two property owners to recover the $7.4 million spent to fight a 2006 wildfire that burned five homes. The attorney general filed the negligence suit late November in...
UK’s Chartered Insurance Institute to Hold Counter Terrorism Workshop
Dec 3 2008 // The UK’s Chartered Insurance Institute Group’s London Market Faculty has teamed up with the National Counter Terrorism Security Office (NaCTSO) and the Metropolitan Police Counter Terrorism Command to hold a...
Earthquake Shakes Oklahoma City Area
Dec 3 2008 // A small earthquake rattled homes in the Oklahoma City metro area on the night of Dec. 1, authorities said. There were no immediate reports of damage or injury with the quake, which struck about 8:50 p.m. The temblor...
Bright Spots and Challenges Go Hand in Hand in Louisiana
Dec 3 2008 // Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana...
Iowa Gets $125 Million in Federal Grants for Tornado, Flooding Recovery
Dec 2 2008 // Iowa lawmakers announced on Nov. 24 that the state will get $125 million in federal grants from the U.S. Department of Housing and Urban Development for flood and tornado recovery efforts. Gov. Chet Culver said the money...
Claims Estimates for Hurricane Ike Still ‘Fluid,’ Commissioner Says
Dec 2 2008 // As of late November, estimates of insured losses from Hurricane Ike, which hit Galveston on Sept. 13, were in the $6 billion to $8 billion range, according to Texas Insurance Commissioner Mike Geeslin. However, Geeslin...
Storm Planners Reflect on Strategies for Busy Hurricane Season
Dec 1 2008 // In New Orleans, a dire warning to flee emptied the city before Hurricane Gustav in early September. In Houston less than two weeks later, a plea to say in place might have kept evacuation routes from clogging before...
California Wildfires May Take Longer to Settle
Nov 30 2008 // Industry analysts are predicting insured losses from the Freeway Complex, Sayre and Tea Fires that burned Southern California in mid-November will range from $600 million to $800 million. Comparatively, those losses are...
New Catastrophe Bonds on Hold Pending Reinsurance Market Hardening
Nov 30 2008 // Disaster insurance bonds are one of the few assets to make any money this year but new supply is on hold pending expected price rises in the underlying reinsurance market. Market players say demand remains buoyant for the...
Madrid Zone Earthquake Study a Wake-Up Call for Tennessee, Other States
Nov 30 2008 // A new federal study of the New Madrid Seismic Zone predicts Tennessee would see the highest level of damage if there is a 7.7 magnitude earthquake. The study notes that the total economic impact of a series of NMSZ...
Heavy Rainfall in California Wildfire Zones Could Lead to Landslides, Flooding
Nov 26 2008 // As heavy rainfall is forecasted for Southern California, particularly in areas recently ravaged by destructive wildfires, Insurance Commissioner Steve Poizner advised all Californians to check their coverage and evaluate...
Why Hijack a Plane When You Can Seize a Supertanker?
Nov 25 2008 // When pirates armed with little more than AK-47s and rope ladders seized a supertanker last week, they showed how simple it is to storm a ship — a vulnerability that al Qaeda could exploit to attack the global...
