Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
In Florida, Insurers Thankful No Major Hurricane Tested State Fund
Nov 25 2008 // As the 2008 Atlantic hurricane season officially comes to a close this on Nov. 30, Florida can be thankful for being spared from any major hurricane strike again this season. However, the dangers hurricanes present and the...
Hurricane Forecasters Take a Bow: 2008 Predictions Were Right
Nov 25 2008 // Colorado-based weather researchers say eight hurricanes formed in the Atlantic this year, the same number they predicted before the season but one less than their August update called for. Colorado State University...
Study Shows Tennessee Would Lose Most People, Buildings from Earthquake
Nov 24 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 Federal Emergency Management Agency released the two-year study as...
New Catastrophe Bonds on Hold Pending Reinsurance Market Hardening
Nov 24 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...
Successive Hurricanes: Potential Windfall for Insureds?
Nov 24 2008 // The 2008 hurricane season came very close to presenting, on a large scale, the potential quandary caused by successive losses. On Sept.1, 2008, Hurricane Gustav came ashore and caused substantial damage from the Louisiana...
Texas Governor Blasts FEMA, Creates Hurricane Recovery Commission
Nov 21 2008 // Texas Gov. Rick Perry has established the Governor’s Commission for Disaster Recovery and Renewal, an advisory panel of public and private sector experts who will create a plan to assist Texas communities with...
Officials Blame Santa Barbara Wildfire on Bonfire
Nov 20 2008 // A bonfire built by college students and never fully extinguished was responsible for the massive wildfire in Santa Barbara that destroyed 210 homes, many of them multimillion-dollar properties, authorities said. An...
Majority of Southern California Wildfires Contained
Nov 19 2008 // Firefighters are still working on containing two of the fires burning in Southern California. In the past five days, more than 42,000 acres have burned, and close to 1,000 properties have been destroyed, according to CAL...
North Carolina Still Tallying Costs of Deadly Weekend Tornado
Nov 19 2008 // North Carolina Gov. Mike Easley said more than 60 homes were either damaged or destroyed by a fatal tornado in North Carolina over the weekend, but the financial costs still were unclear. Easley met with officials in Kenly...
Firefighters Make Gains on Southern California Wildfires
Nov 18 2008 // Firefighters made progress on extinguishing the fires burning in Southern California yesterday, thanks to reduced wind conditions. To date, three of the five fires have been contained, although more than 44,000 acres have...
Rate Change Granted for Texas Windstorm Insurance Association
Nov 18 2008 // Commercial and residential rates for policies written through the Texas Windstorm Insurance Association (TWIA) will rise in February when rate increases approved by the Texas Department of Insurance (TDI) go into...
