Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Arch Gives Q3 Loss Estimates
Oct 11 2005 // The Bermuda-based Arch Capital Group Ltd. announced that it expects 2005 third quarter operating earnings to be negatively impacted by the effects of recent catastrophic events as follows: Hurricane Katrina – $173...
Fitch Maintains PXRE’s Watch Negative After Capital Raising
Oct 11 2005 // Fitch Ratings indicated that its ratings for the bermuda-based PXRE Group Ltd. and its operating subsidiaries would “remain on Rating Watch Negative following PXRE’s successful capital raising in the form of...
Safeco: Rita Losses at $27 Million
Oct 11 2005 // Seattle-based Safeco announced estimated after-tax catastrophe losses from Hurricane Rita of $27 million, or $0.21 per diluted share. Pretax catastrophe losses from the storm are estimated at $42 million. These figures...
Meadowbrook Expects No Big Hits from Hurricane Rita
Oct 11 2005 // Meadowbrook Insurance Group, Inc. today reported that the company does not expect its net losses related to Hurricane Rita to be material. Meadowbrook’s insurance programs are generally structured to avoid geographic...
New Tax Law Eases Loss Limitations for Katrina Victims
Oct 11 2005 // The Internal Revenue Service is advising taxpayers who suffered casualty or theft losses as a result of Hurricane Katrina about a recent change to the tax law. A new provision lifts certain loss limitations for Hurricane...
Goshawk Ups Hurricane Loss Estimates; Plans to Raise Capital
Oct 10 2005 // The U.K.’s Goshawk Insurance Holdings plc announced that it has increased its gross hurricane loss estimates from by 30 percent – from $99 million to $130 million. For Katrina Goshawk’s estimate is now up...
Hiscox: Rita Losses $70 Million; Ups Katrina Estimates, 2006 Premium Limit
Oct 10 2005 // The U.K.-based Lloyd’s and specialty insurer Hiscox Plc issued a statement indicating that its preliminary loss estimates from Hurricane Rita are around $70 million. Hiscox also said that, based on current industry...
Republic Says Losses from Rita and Katrina Should Fall Within Expectations
Oct 6 2005 // Dallas-based Republic Companies Group Inc. released information regarding its response to the recent hurricanes and the financial effects on the company’s third quarter results. Its personnel and representatives were...
Tillinghast: Hurricane Katrina Will Cost Record-Setting $40-$55B for Privately Insured Losses
Oct 6 2005 // Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. Hurricane Katrina:...
Lloyd’s Reports First Half Profit
Oct 6 2005 // Lloyd’s announced an interim profit of 1.38 billion pounds Sterling ($2.47 billion) for the six month period ended June 30, 2005, a 21% increase compared to the same period in 2004. The severe hurricane season will...
Everest Re Group Updates Q3 Events
Oct 6 2005 // Bermuda-based Everest Re Group Ltd. announced that net pre-tax catastrophe loss impacts arising from third quarter events are expected to be significant, with the principal components being $638 million attributable to...
Symposium on the Future of Terrorism Risk Insurance Kicks Off, Oct. 7
Oct 5 2005 // In the wake of Hurricanes Katrina and Rita, leaders from the public and private sectors from throughout the nation will take part in the National Symposium on Terrorism Risk Insurance in the Cannon House Office Building on...
Aon: Private Insurance Market Will Fail Without Some Form of Public Backstop Against CAT Terror Losses
Oct 5 2005 // In anticipation of the Oct. 7, National Symposium on the Future of Terrorism Risk Insurance, Aon said Wednesday that the private insurance market cannot operate without some form of public backstop against catastrophic...
Fla. Residents Keep an Eye on Tropical Storm Tammy
Oct 5 2005 // With more than a month left in the hurricane season, folks in Florida shouldn’t be surprised that someone is once again knocking on their door. Tropical Storm Tammy gained formation Wednesday off Florida’s east...
More than 70 Dead as Hurricane Stan Bashes Mexico, Surrounding Areas
Oct 5 2005 // Parts of Mexico and surrounding regions witnessed major destruction from Hurricane Stan earlier this week, with more than 70 people reported dead in Central America. Formerly a Category 1 storm, the storm was reportedly...
Record First-Half, Surplus Boost P/C Insurers’ Ability to Pay Hurricane Losses
Oct 5 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 29.1 percent to a record $30.9 billion in first-half 2005 from $23.9 billion in first-half 2004. Reflecting the industry’s income, its...
Hurricane Katrina Will Not Disrupt Market, Insurers Say
Oct 5 2005 // While property/casualty industry expects insured losses from Hurricane Katrina to reach a record high of $34.4 billion, the Property Casualty Insurers Association of America says insurers will weather the storm of more...
Agriculture Losses in La. from Hurricane Rita to Top $472 Million
Oct 4 2005 // The Louisiana Department of Agriculture and Forestry reported that with preliminary estimates in, it appears agriculture and forestry will take at least a $472 million hit from Hurricane Rita. Coupled with the growing...
PartnerRe Updates Impact of Q3 Catastrophic Events
Oct 4 2005 // Bermuda-based PartnerRe Ltd. has provided a further update on the catastrophic events of the third quarter, and the potential impact on the company’s shareholders’ equity. The company currently estimates that...
Zurich Estimates Hurricane Katrina Losses at $600 Million, After Tax
Oct 4 2005 // Zurich Financial Services Group (Zurich) announced that it expects aggregate claims payments related to Hurricane Katrina of approximately $600 million after tax. This figure is net of reinsurance recoverables. It includes...
