Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Zurich Financial Reports Record Year Despite Hurricanes; Net Profit Up 30%
Feb 17 2006 // Swiss insurance giant Zurich Financial Services posted a 30 percent increase in its 2005 net profits to $3.2 billion, despite heavy charges for last year’s record hurricane season. The full-year profit figure...
Terrorism Insurance: Pricing Steady, But Long Term Solution Needed, Says Expert
Feb 16 2006 // Pricing to cover terrorism risks is unlikely to change in the short term following renewal of the federal reinsurance program, however that could change quickly if there is another terrorist event, according to a n...
Best Maintains Stable Outlook on Personal Lines Market Segment
Feb 16 2006 // A.M. Best Co. maintains a stable outlook for the personal lines segment in 2006 based on its favorable risk-adjusted capitalization and consistently strong operating profitability. Despite the impact from an unprecedented...
CNA Sees Q4 Net Loss of $217M
Feb 16 2006 // CNA Financial Corporation reported fourth quarter of 2005 results, which included the following items: * Net loss for the fourth quarter of 2005 of $217 million as compared with net income of $303 million for the same...
Transatlantic 2005 Net Income Drops 85% to $37.9 Million; Q4 Off 86.3%
Feb 16 2006 // Transatlantic Holdings, Inc.(TRH) reported that its net income for the year ended December 31, 2005 amounted to $37.9 million, or $0.57 per common share (diluted), compared to $254.6 million, or $3.85 per common share...
Windstorm Panelists: Carriers Hesitant to Write Fla. Policies
Feb 15 2006 // A panel of eight insurance experts agreed unanimously that carriers are closely scrutinizing Florida and are hesitant to renew homeowners policies during a panel moderated by Bill Bailey, director of the Hurricane...
GAO: FEMA’s Weaknesses Exposed Government in Hurricane Responses
Feb 15 2006 // As a result of widespread congressional and public interest in the federal response to hurricanes Katrina and Rita, the Government Accountability Office (GAO) conducted an audit of the Individuals and Households Program...
Munich Re January Reinsurance Treaty Renewals Show Rate Increases
Feb 15 2006 // Munich Re followed Swiss Re’s announcement yesterday (See IJ Web site Feb. 14) with its own upbeat report on the January reinsurance treaty renewal season. The world’s largest reinsurer said that as of Jan. 1...
Fla. Commissioner Supports National Catastrophe Plan
Feb 14 2006 // Florida Insurance Commissioner Kevin McCarty, after completing a tour of Gulf Coast areas devastated by Katrina, said he is more convinced than ever the nation, not only Florida, needs a National Catastrophe Plan. McCarty,...
A.M. Best: P/C Industry Reports Underwriting Loss
Feb 14 2006 // Driven by the largest natural catastrophe in U.S. history, Hurricane Katrina, the U.S. property/casualty industry’s underwriting loss was $2.8 billion for the first nine months of 2005, reversing the $3.4 billion...
Case Study Describes Prepaid Card Use After Hurricanes
Feb 14 2006 // A disaster relief case study covering the history and challenges of delivering financial assistance during catastrophes will be presented by Midhael Brackney of the American Red Cross and Gregory Kerwin with JPMorgan Chase...
Miss. Hurricane Victims to Lose Subsidized Hotel Rooms
Feb 13 2006 // More than 1,200 families left homeless in Mississippi by Hurricane Katrina will lose their federally subsidized hotel rooms beginning Monday. Federal Emergency Management Agency officials said Saturday that hotel...
Expert Has ‘Bad News:’ 06′ Hurricane Season Could Repeat 05′
Feb 10 2006 // There is no reason to expect any change in hurricane patterns in the near future, the number of hurricanes have been increasing since 1995 and will continue to do so for the next decade or two, according to Max Mayfield,...
Best Report: What Price is Right? Who Will Blink First? Asks Industry
Feb 9 2006 // Those new to property and casualty insurance are reportedly first struck by the cyclical nature of the industry. Generally, extended periods of soft pricing are followed by much shorter periods of hard pricing. After three...
Fairfax Sees Q4 Loss of $318M
Feb 9 2006 // Toronto-based Fairfax Financial Holdings Limited had a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for the 2005 year. The falls come after absorbing losses from Hurricanes Katrina, Rita and...
Past, Present and Future Hurricane Issues Top Feb. 8-11 Windstorm Conference Agenda
Feb 8 2006 // Past, present and future hurricane issues, how to prepare for the 2006 hurricane season and what to expect will be discussed during the Feb. 8 to 11 Seventh Annual Windstorm Insurance Conference and Exhibit kicking off...
Argonaut Group Reports Record 2005 Results Despite Hurricanes
Feb 8 2006 // San Antonio-based Argonaut Group Inc. announced financial results for the three months and year ended Dec. 31, 2005, noting that the company’s gross written premiums topped $1 billion for the first time in its...
Fla. CFO Wants to Expedite Payments for Living Expenses, Personal Contents
Feb 7 2006 // New legislation that would expedite the rebuilding process for hurricane victims will be suggested to the Florida Legislature by Tom Gallagher, the state’s CFO. The measure would ensure homeowners immediately receive...
Wisconsin Insurer Warns Buyers About Post-Hurricane Vehicle Fraud
Feb 7 2006 // Sun Prairie, Wis.-based General Casualty Insurance Companies are cautioning customers about the possibility that the shiny pre-owned Honda or Buick being considered for purchase may have been submerged in flood...
RenaissanceRe Sees Q4 Operating Loss of $207M
Feb 7 2006 // Bermuda-based RenaissanceRe Holdings Ltd. reported a net operating loss attributable to common shareholders of $206.9 million in the fourth quarter of 2005, principally reflecting a $313.9 million net negative impact from...
