Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insurance Commissioners Announce Framework for National Cat Program
Nov 17 2005 // Concluding the two-day National Catastrophe Insurance Summit held in Burlingame, Calif., insurance commissioners from California, Florida, Illinois and New York on Wednesday agreed that they had a basic framework for a...
Hurricanes Rita, Katrina Impact Progressive’s October Results
Nov 17 2005 // The Progressive Corporation today reported its financial results for October 2005. Net premiums written were $1.328.1 million, a 4 percent increase from $1,279.8 million in October 2004. Net premiums earned were $1,340...
Gulf Coast Firm Unveils Law Weblog for Hurricane-Affected Areas
Nov 16 2005 // McGlinchey Stafford PLLC, a law firm based in the Gulf Coast region, has launched a comprehensive resource for companies with business interests in hurricane-affected areas. The blog, found at www.hurricanelawblog.com,...
U.S. Needs National Catastrophe Insurance Program, Insurance Commissioners Say
Nov 16 2005 // Insurance Commissioners from California, Florida, Illinois and New York began laying the groundwork Tuesday for what they hope will turn into a national catastrophe insurance program that would cover all Americans. Hosting...
Senate, House Panels Both Advance Terrorism Insurance Bills
Nov 16 2005 // The Senate Banking Committee and House Financial Services Committee each marked up legislation Wednesday to extend the Terrorism Risk Insurance Act (TRIA) for two years. The Senate Banking Committee reported out S. 467 by...
CORRECTION: Brit Estimates Wilma Claims at $65 Million; Total Hurricane Losses at $316.5 Million
Nov 16 2005 // The original article contained a significant mathematical error. U.K.-based international insurer and reinsurer, Brit Insurance Holdings PLC, announced that claims arising from Hurricane Wilma, net of reinsurance...
FEMA Pushing Dec. 1 Motel Check-Out for 53,000 Hurricane Families
Nov 16 2005 // The Department of Homeland Security’s Federal Emergency Management Agency (FEMA) is moving to end its subsidies for hotel and motel rooms for 53,000 families displaced by Hurricanes Katrina and Rita. On Dec. 1, 2005...
No Rate Change for TWIA; Texas Insurer Groups Question Why
Nov 16 2005 // Texas Insurance Commissioner Mike Geeslin ordered the rates of homeowners that purchase windstorm coverage from the Texas Windstorm Insurance Association (TWIA) to remain unchanged, while increasing commercial rates five...
Commissioner Wooley Supports Uniform Building Codes in La.
Nov 16 2005 // The Louisiana Department of Insurance released the following statement by Commissioner of Insurance Robert Wooley to the Louisiana Legislature expressing his support for the establishment of statewide uniform building code...
As House Prepares Terrorism Insurance Bill Today, Coalition Offers Support and Senate Readies Its Own
Nov 16 2005 // Business insurance consumers represented by the multi-industry Coalition to Insure Against Terrorism have expressed their support for federal terrorism insurance legislation that will be marked up by the House Committee on...
Several States Hit as Tornadoes Tear Up Midwest, Southeast
Nov 16 2005 // Tornadoes barreled across the Midwest and portions of the Southeast on Tuesday, knocking out electricity and damaging buildings in several states. The storms killed at least one person. Meteorologists told The Associated...
Major N.Y. Hurricane Would Cost $100 Billion, Warns Cat Model Firm AIR
Nov 16 2005 // A major hurricane making landfall in the New York City metropolitan area would result in approximately $50 billion of insured losses with total economic losses exceeding $100 billion, according to an expert testifying...
AIA Urges Caution When Considering National Cat Insurance Program
Nov 16 2005 // The American Insurance Association (AIA) issued the following response to the Natural Catastrophe Insurance Program Summit being held in San Francisco this week. “In the wake of the destruction from the 2005 Gulf...
St. Paul Travelers: Initial Wilma Losses About $220M After Tax
Nov 16 2005 // The St. Paul Travelers Companies Inc. announced that its preliminary estimate for catastrophe losses relating to Hurricane Wilma is approximately $220 million, after tax, net of reinsurance. This amount is based upon an...
Big ‘I’ Throws Backing Behind House Terrorism Insurance Bill
Nov 15 2005 // The Independent Insurance Agents & Brokers of America (the Big “I”) said it strongly supports H.R. 4314, the Terrorism Risk Insurance Revision Act, introduced late Monday by Subcommittee Chairman Richard...
Adjusters Call Iowa Tornado Damage ‘Equal to Andrew’
Nov 15 2005 // Insurance adjustors surveying damage from Saturday’s tornadoes in central Iowa say the devastation equals that of Hurricane Andrew that hit Florida in 1992, according to Associated Press. State Farm Insurance had 30...
Allianz Posts $934 Million Q3 Profit Despite Hurricane, Flood Losses
Nov 14 2005 // Germany’s Allianz had a very successful third quarter with net income up 70 percent to €794 million ($934 million) and €1.7 billion (2 billion) operating profit,” despite,” said the company’s...
La.’s Disaster Hurricane Unemployment Assistance Filing Deadline Draws Near
Nov 14 2005 // The Louisiana Department of Labor reported that time is running out for individuals who are eligible to apply for Disaster Unemployment Assistance (DUA) as a result of Hurricanes Katrina and Rita. The deadline to file is...
Natural Catastrophes, Aftermarket Auto Repair Parts, Credit Scoring Top AIA’s Agenda at NCOIL Meeting
Nov 14 2005 // The American Insurance Association (AIA) said it looks forward to an open dialogue with state legislators regarding the recent hurricanes and their ramifications for the insurance industry during the annual meeting of the...
AIR Worldwide: Significant Quality Issues with Insurers’ Exposure Data
Nov 14 2005 // A recent analysis of insurers’ exposure data by AIR Worldwide Corporation (AIR) determined that the quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate...
