Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Avoiding Financial Catastrophes:Take Care When Procuring Agents E&O
Nov 7 2005 // Agents and brokers have spent a great deal of energy in recent years finding suitable insurance products for their clients. Not only has the marketplace become more complex, the typical insured has become increasingly more...
Lack of Electricity, Gasoline Slows Hurricane Wilma Recovery Efforts
Nov 6 2005 // Four days after Hurricane Wilma crossed southwest Florida and tore into South Florida, insurance agents in Naples and Miami told Insurance Journal they had not encountered the onslaught of claims they expected, but...
News Briefs
Nov 6 2005 // ALABAMA Vesta Reinsurance To Cover Wilma Vesta Insurance of Birmingham, issued a statement saying it has complete reinsurance coverage for Hur-ricane Wilma claims in Florida. “As previously disclosed, Vesta’s...
Editor’s Note: Miss., La. Crisis: A Domino Effect
Nov 6 2005 // One of the top issues facing the insurance industry in the southeast right now is rebuilding Mississippi and Louisiana after Hurricane Katrina. Hurricane experts at the Society of Insurance Research conference in October...
The Need for Uniform Building Codes in Louisiana
Nov 6 2005 // In the wake of Hurricanes Katrina and Rita, we have an historic opportunity to make crucial changes to Louisiana’s building codes and construction practices. Doing so will help create more resilient homes, businesses...
Avoiding Financial Catastrophes: Take Care When Procuring Agents E&O
Nov 6 2005 // Agents and brokers have spent a great deal of energy in recent years finding suitable insurance products for their clients. Not only has the marketplace become more complex, the typical insured has become increasingly more...
News Briefs
Nov 6 2005 // Asian Quake Death Toll Over 50,000: The 7.6 magnitude earthquake that struck near Muzaffarabad in Pakistan-administered Kashmir on Oct. 8 killed over 50,000 people in the country. Another 1,400 died on the Indian side of...
News Briefs
Nov 6 2005 // P/C Insurers Post Record Results in 2005: The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion, with a net income of $32.1 billion during the first six months of 2005, a substantial gain...
News Briefs
Nov 6 2005 // P/C Insurers Post Record Results in 2005: The U.S. property/casualty industry recorded an underwriting profit of $13.2 billion, with a net income of $32.1 billion during the first six months of 2005, a substantial gain...
Professional liability ripples
Nov 6 2005 // urricane Katrina has long gone, but the aftereffects of the mighty storm are likely to linger for a very long time. Rita and Wilma have compounded the mess. The direct losses are staggering. The latest preliminary figures...
Fitch Downgrades Montpelier Re’s IFS Rating to ‘BBB’; Remains on Watch/Negative
Nov 4 2005 // Fitch Ratings announced that it has downgraded the long-term and senior debt ratings of Montpelier Re Holdings Ltd. to “BB” from “BBB-” and the insurer financial strength (IFS) rating of Montpelier...
Best Downgrades RenRe Ratings; Keeps Under Review/Negative
Nov 4 2005 // A.M. Best Co. followed Standard & Poor’s and Fitch Ratings (See IJ Web site Nov. 3) in downgrading the financial strength ratings (FSR) and debt ratings of the operating subsidiaries of Bermuda-based...
Swiss Re Estimates Rita/Wilma Claims at App. $750 Million
Nov 4 2005 // Swiss Re announced that based on current estimates, it expects its aggregate claims for hurricanes Rita and Wilma to be approximately $750 million. CEO John Coomber commented: “This year’s hurricane season...
Best Affirms Munich Re, American Re FSR; Removes from Review; Assigns Negative Outlook
Nov 4 2005 // A.M. Best Co. announced rating actions on Germany’s Muenchener Rueckversicherungs (Munich Re) and its U.S. subsidiary American Re Corporation Group. Best affirmed its financial strength ratings on the companies,...
Frustration Grows in La., Miss., as Hurricane Survivors Wait for Insurers
Nov 4 2005 // Once a proud businessman, William Dwyer sits in a New Orleans-area parking lot these days begging his insurer for money. The 57-year-old retiree said he was quick to file claims after Hurricane Katrina severely damaged his...
Insurance Spokespersons to Discuss ‘Aftermath of Hurricane Wilma’ on Saturday S. Fla. Radio Talk Show
Nov 4 2005 // The aftermath of Hurricane Wilma and insurance issues will be discussed on Saturday morning by an on-the-air panel of insurance industry experts, including the president of the Latin American Insurance Agencies, Coral...
Mercury Insurance Group Partners with Employees, Helps Hurricane Victims
Nov 3 2005 // California-based Mercury Insurance Group has donated $110,000 to the Red Cross Hurricane Relief Fund, it was announced by the company’s President and Chief Operating Officer, Gabriel Tirador. Matching its...
Wilma Damaged a Record Number of Vehicles in South Florida
Nov 2 2005 // State Farm and Progressive spokespersons indicate they received more auto damage claims from Hurricane Wilma than any of last year’s hurricanes. The two firms are Florida’s largest auto insurers. Wind is to...
Hispanics in Naples Cite Lack of Spanish Information About Wilma
Nov 2 2005 // Hispanics in areas of Florida hit by Hurricane Wilma report a lack of directions and information in Spanish to assist them in preparing for a hurricane, telling them what to do and where to go when a hurricane is...
LDI Says Time Extension for Paying Premiums Still in Effect
Nov 2 2005 // The Louisiana Department of Insurance issued a reminder that the department’s Emergency Rules required insurance companies to give policyholders affected by Hurricane Katrina or Hurricane Rita an automatic extension...
