Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
I.I.I. Says Nearly 70% of Katrina Homeowner Claims Settled in Louisiana, Mississippi
Feb 2 2006 // Homeowners insurers have settled nearly 70 percent of claims from Hurricane Katrina in Louisiana and Mississippi, according to the Insurance Information Institute (I.I.I.). The I.I.I. estimated that more than 732,000...
Allstate Earnings Drop 9% on Hurricane Damages from 3 Storms
Feb 2 2006 // Insurer Allstate Corp. says it has settled about 75 percent of the property claims and nearly all auto claims stemming from Hurricanes Katrina, Rita and Wilma. But the company cited Wilma, which battered south Florida in...
National Hurricane Director to Speak at Windstorm Conference
Feb 1 2006 // National Hurricane Center Director Max Mayfield and former NFL Player Danny Wuerffel will be among the keynote speakers sharing their experiences of last year’s hurricane season at the Seventh Annual Windstorm...
Thousands of Hurricane Evacuees In Georgia Missed FEMA Deadline
Feb 1 2006 // Thousands of hurricane evacuees around the state will have to start paying their own hotel bills next Tuesday after missing a deadline to register for additional federal funds. Evacuees in nearly 2,000 hotel rooms missed a...
Florida Condo, Carrier Reach Hurricane Repair Agreement
Feb 1 2006 // Southern Family Insurance representatives have met with 200 Century Village condominium owners in Boca Raton, Fla. and agreed to pay for extensive hurricane repairs including the replacement of five roofs. Bob Goolman,...
Guy Carpenter Unveils Report on Jan. 1 Property Reinsurance Renewals
Jan 31 2006 // Guy Carpenter & Company Inc. reported the publication of Property Specialty Update – 1 January 2006 Renewal Season Overview, an in-depth report on the Jan. 1, 2006 property renewal season. The study, which...
Buoys to Detect Tsunamis to be Placed Off East Coast
Jan 31 2006 // Federal officials say they will place the first tsunami-detecting buoys in the Atlantic Ocean this spring to give residents more time to escape the giant waves. The National Oceanic and Atmospheric Administration announced...
Miss. Commissioner Dale: Leader, Follower or Shill?
Jan 30 2006 // George Dale walks a tightrope in his job as Mississippi’s insurance commissioner. He is charged with the responsibility of regulating the industry that provides most of his election support while protecting consumers...
Survey Confirms 4th Quarter Spike in Property Insurance Rates Due to Hurricanes
Jan 30 2006 // Property insurance rates increased sharply in the fourth quarter of 2005, according to the RIMS Benchmark Survey by the Risk and Inurance Management Society Inc. Reversing a two-year trend of steadily falling property...
Florida Didn’t Make Sure Hurricane Payments Were Legit
Jan 30 2006 // Florida officials didn’t confirm the legitimacy of some hurricane claims before it paid out more than $150 million as part of an agreement to share the cost with Washington, a state audit has found. As part of a deal...
NFIP Seeks $5.6B Loan; Sen. Shelby Vows Rating Overhaul
Jan 27 2006 // The National Flood Insurance Program (NFIP) says it needs to borrow an additional $5.6 billion to cover claims and expenses for 2006. Projections indicate that its payments will reach its existing $18.5 billion borrowing...
Hurricane Center Upgrades Tropical Storm Cindy to Hurricane Status
Jan 27 2006 // Tropical Storm Cindy has been upgraded to hurricane status by the National Hurricane Center in Miami. Accumulated data analyzed by NHC indicates that Cindy was “a relatively short-lived tropical cyclone,” but...
ISO: Insurers to Pay $56.8B in 2005 Catastrophe Claims
Jan 27 2006 // U.S. property/casualty insurers are expected to pay homeowners and businesses a record $56.8 billion for 2005 insured property losses from 24 catastrophic events — more than twice the prior record set in 2004, when...
Lloyd’s Leaders Participate in Davos Panel Discussion on Global Risks
Jan 27 2006 // The Lloyd’s delegation, currently attending the World Economic Forum in Davos, Switzerland, will be part of a panel discussion examining one of the “three main themes of the event -” the rise in global...
Fla. Sales Tax Break on Hurricane Supplies Moves Forward
Jan 26 2006 // Floridians could buy flashlights, tarps, radios, batteries, generators and other hurricane necessities tax free the week before the storm season starts under a bill approved Wednesday by a Senate committee. The measure (SB...
Lloyd’s Comments on Cat Models
Jan 26 2006 // “Catastrophe models are useful, but have their limits,” says a comment on the Lloyd’s Web site (www.lloyds.com). “That is the lesson learnt by the insurance industry following last year’s...
RMS: 500,000 Japanese Dead Possible in Avian Flu Pandemic Outbreak
Jan 26 2006 // Risk Management Solutions Inc. (RMS) released the findings of an in-depth study that provides life and personal accident insurers in Japan with key benchmarks for the potential risk of human casualties from catastrophic...
Insurers Urge New Bonding Measures for Texas Cat Fund
Jan 26 2006 // Members of the Association of Fire And Casualty Companies of Texas (AFACT) are recommending new bonding measures that would prepare the state for the start of what’s expected to be another turbulent hurricane...
The Hartford Sees Q4 2005 Net Income of $474 Million
Jan 26 2006 // The Hartford Financial Services Group Inc. reported fourth quarter 2005 net income of $474 million, or $1.53 per diluted share. The company’s net income reached $2.3 billion for the year, a new record for the...
Agents Group to Support Terrorism Backstop Study
Jan 25 2006 // The Independent Insurance Agents & Brokers of America is throwing its support behind a study of the need for long-term federal terrorism insurance. The association backs a bipartisan bill introduced in the House of...
