Latest Catastrophe Headlines

State Auto Financial Reports 2005 Net Income Up 14%

Feb 21 2006 // Columbus, Ohio-based State Auto Financial Corporation reported that revenue for the year 2005 was $1.14 billion, up from $1.09 billion for the same 2004 period. For the year 2005, State Auto achieved record net income of...

Legislators to Examine National Mega-Cat Plan at Spring Meeting

Feb 21 2006 // At the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Florida, Feb. 23 – 26 , state lawmakers from across the country will examine a draft mega-catastrophe program and, among other things,...

N.Y. Senator Schumer criticizes Allstate’s metro-area retreat

Feb 20 2006 // New York State’s largest provider of homeowners insurance should reconsider its decision to stop writing new policies in the metropolitan area over concerns about hurricane damage, according to Sen. Charles...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 20 2006 // As is obvious from a perusal of newspaper articles and legal journals, the devastating damage throughout the entire Gulf Coast Region from the recent hurricane season has raised numerous legal issues regarding insurance...

Experts predict devastating Arizona wildfire season ahead

Feb 20 2006 // Dry conditions this year and heavy moisture last year could combine to make Arizona’s imminent wildfire season the most devastating yet, experts told Arizona Gov. Janet Napolitano at a roundtable discussion. Wildland...

News Currents

Feb 19 2006 // As part of his proposal, Gallagher is asking the Legislature to earmark the increase in sales tax revenue collected during hurricane recovery to help offset assessments against homeowners. Florida CFO renews call for...

Feb 19 2006 // Catastrophe funding big on the radar screen for 2006 Some 60 to 70 percent of the estimated $4.7 billion in insured losses caused by Hurricane Rita in September 2005 occurred in Texas. The state experienced 188,000 claims,...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 19 2006 // In general, “Valued Policy” statutes require an insurer to ascertain the value of the property being insured at the time a policy is written and to pay that value to the insured when there is a total loss. As...

Experts predict devastating Arizona wildfire season ahead

Feb 19 2006 // Dry conditions this year and heavy moisture last year could combine to make Arizona’s imminent wildfire season the most devastating yet, experts told Arizona Gov. Janet Napolitano at a roundtable discussion. Wildland...

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...