Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
ISO: Insurers to Pay Hurricane Rita’s Victims $4.7B for Insured Property Losses
Nov 1 2005 // U.S. property/casualty insurers will pay an estimated $4.7 billion for insured property losses to residential and commercial policyholders affected by Hurricane Rita, according to preliminary analysis by ISO’s...
TRH Posts $144.2 Million Q3 Loss
Oct 31 2005 // Transatlantic Holdings, Inc. (TRH) joined the roster of third quarter hurricane victims, posting a $144.2 net loss for the period, or $2.19 per common share (diluted), compared to a net loss of $21.8 million, or 33 cents...
Wilma’s Aftermath: Dade, Broward Counties Await Electricity; Agents Expect An Onslaught of Claims
Oct 31 2005 // Four days after Hurricane Wilma crossed southwest Florida and tore into South Florida, insurance agents told Insurance Journal they had not encountered the onslaught of claims they expected, but since a large percentage of...
After Hurricane Wilma: Claims Piling Up As Cleanup Begins in Naples; In Some Areas Power Could Be Out for Weeks
Oct 28 2005 // Southwest and South Florida are recovering, very slowly, from the after-effects of Hurricane Wilma, which crossed over Naples on Monday and then speedily traveled due east to Miami and South Florida. Margaret M. Weems,...
Arch Capital Posts $86.3 Million Q3 Loss from Hurricanes
Oct 28 2005 // The Bermuda-based Arch Capital Group Ltd. has duly taken its turn at the hurricane whipping post, reporting a third quarter net loss of $86.3 million, or $1.15 per share â??on a pro forma basisâ?? (explained in a...
PXRE Posts $317.3 Million Q3 Net Loss
Oct 28 2005 // The Bermuda-based PXRE Group Ltd. also fell victim to the third quarter disaster, posting a net loss of $317.3 million, compared to a net loss of $73.2 million in the third quarter of 2004, which wasn’t particularly...
OdysseyRe Posts $96.9 Million Q3 Loss
Oct 28 2005 // Odyssey Re Holdings Corp. joined the Q3 loss parade with a reported net loss of $96.9 million, or $1.51 per diluted share, for the quarter ended September 30, 2005. The figure includes previously announced catastrophe...
TS Beta Threatens Central America
Oct 28 2005 // Tropical storm Beta, the 23rd named storm of the current season, is churning the waters of the Caribbean off the coast of Nicaragua. According to the latest bulletin from Miami’s National Hurricane Center, Beta is...
ProCentury Sees $6 Mil Hurricane Losses in Q3
Oct 28 2005 // ProCentury Corporation reported after-tax losses for the third quarter from hurricanes Katrina and Rita of approximately $6.0 million, or $0.46 per diluted share, net of expected reinsurance and including estimates of...
U.S. RE Takes Lead on Public/Private Facility for Terrorism Reinsurance
Oct 28 2005 // While backers of an extension of the federal terrorism reinsurance program are still hoping that at least a short term fix will be approved before the Terrorism Risk Insurance Act officially expires at year’s end,...
Vesta Subsidiary Estimates Hurricane Wilma Losses at $4.5 to $8.5 Million
Oct 28 2005 // Vesta Insurance Group, Inc. announced that its preliminary net loss estimate from Hurricane Wilma for its subsidiary, Florida Select Insurance Company, is expected to be in the range of $4.5 to $8.5 million, after recovery...
ACE Reports $112 Million Q3 Net Loss
Oct 27 2005 // Bermuda’s largest insurer, ACE Limited, did a bit better than its counterpart in the third quarter (See previous article), reporting a net loss of “only” $112 million or $(0.43) per common share after...
XL Says Q3 Cats Will Cost $1.47 Billion; Fitch Lowers Ratings
Oct 27 2005 // XL Capital Ltd. will officially announce its third quarter results on Monday, Oct. 31, but it has already indicated in a preliminary announcement that it expects to report an impressive $1.47 billion in net losses for the...
Hurricane Katrina Causes Unemployment Rate in La. to Double
Oct 27 2005 // The Louisiana Department of Labor reported that the preliminary September unemployment rate for Louisiana soared to 11.5 percent after Hurricane Katrina, marking the highest unemployment rate in the state since January of...
Adjusters Dispatched to Southeast Florida: Face Uncertain Conditions After Hurricane Wilma
Oct 26 2005 // Insurance adjusters are converging on Orlando this morning to regroup and then after short meetings, be assigned to Florida’s southwest and southeast coasts, where they begin to access the damage caused by Hurricane...
Fitch: Hurricane Wilma Further Strains a Delicate Florida Insurance Market
Oct 26 2005 // Fitch Ratings today said Hurricane Wilma represents a major blow to an already weak Florida property insurance market. If actual insured losses come in at the high end of the estimated range ($4 billion to $10 billion),...
Study Finds Only 18% of Americans Approve of Insurance Industry’s Job Post-Hurricane Katrina
Oct 26 2005 // In the wake of Hurricane Katrina, an online study of approximately 1,000 U.S. adults conducted by the research group Ipsos Public Affairs shows that while nearly all respondents approve of the job being done by charities...
La. DOL Says Nearly $250 Million Paid to Hurricane Victims
Oct 25 2005 // Jobless benefits for victims of hurricanes Katrina and Rita now stand at $242.8 million, with Katrina-related claims totaling $233.8 million and Rita claims totaling $8.9 million, according to the Louisiana Department of...
RMS Estimates Wilma Insured Losses Will Total $6 Billion-$10 Billion
Oct 25 2005 // Insured losses in the United States from Hurricane Wilma are likely to range from $6 billion to $10 billion, predicted Risk Management Solutions (RMS). The Newark, Calif.-based company said its estimate is based on current...
Nationwide Claims Reps Provide Hurricane Relief to Victims in Naples
Oct 25 2005 // Nationwide claims representatives and humanitarian relief teams stood by on Tuesday in the Lowe’s parking lot on 6415 Naples Blvd. in Naples, Fla. to provide aid to Hurricane Wilma victims. Nationwide teams brought...
