Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
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...
Americans More Fearful of Car Crashes, Terrorist Hits than Avian Flu
Jan 25 2006 // A new national survey of 1,000 Americans revealed that Americans are more fearful of car accidents, natural disasters and terrorist attacks than they are of the Avian Bird flu. The national survey was conducted by HCD...
Windstorm Conference Speaker Bailey Predicts Wind vs. Flood Suits Won’t Succeed
Jan 25 2006 // The controversy over litigation about wind vs. flood damage and what could happen in the market place and to the industry if Mississippi Attorney General James Hood and attorney Richard ‘Dickie’ Scruggs are...
Fla. Property Insurance Reforms Described by CFO Gallagher
Jan 24 2006 // Solutions to strengthen Florida’s property insurance market were described by CFO Tom Gallagher during an address to the Windermere Rotary Club in Orlando, Fla. Last year, in the wake of two unprecedented hurricane...
IPC Holdings Updates 2005 Hurricane Loss estimates to $744 Million
Jan 24 2006 // Bermuda-based IPC Holdings, Ltd. has updated, which is to say increased, the estimated impact on its 2005 results from hurricanes Katrina, Rita and Wilma. “Based upon current analysis, which has been updated using...
S. Fla. Homeowners Warned ‘Be Wary’ of Hurricane Repair Contractors
Jan 24 2006 // Consumer advocates are warning South Florida homeowners to be wary of contractors who take deposits up front for hurricane repairs or shutter installations. For example, officials said a company called Palms West Shutter...
FBI Uncovers Fraud in Miss., Creates Hurricane Task Force on Corruption
Jan 24 2006 // The FBI has uncovered fraud by public officials in the wake of Hurricane Katrina and has created a task force to investigate corruption as federal money pours into the Gulf Coast region, Mississippi’s top agent told...
S&P Sees ‘Little Impact’ on Ratings from Hurricane Estimate Differences
Jan 24 2006 // A self-descriptive article from Standard & Poor’s Ratings Services -“Increases In Hurricane Loss Estimates To Have Little Impact On Insurer Ratings -” clarifies some questions concerning the actual...
Miss. Expert Says Hurricane Cycle Began in 1995, Still Going Strong
Jan 24 2006 // Hurricane Katrina brought much death and destruction to Mississippi and Louisiana, and upcoming hurricane seasons could be just as dangerous, according to Partick J. Fitzpatrick, a Mississippi State University...
Florida Candidates for Governor Pledge to Solve Citizens Problems, Add Insurers
Jan 23 2006 // Solving Citizens Property Insurance Corp.’s problems, encouraging new insurers to enter the Florida market and lowering property insurance rates were debated by candidates for governor of Florida during a Jan. 20...
Global Catastrophe Reinsurance Price Increases Lower Than Expected
Jan 23 2006 // Although the overall market trends in both pricing and terms and conditions will not be fully developed until the July 1, 2006, Florida renewals are complete, and Standard & Poor’s says it is concerned that the...
