Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
N.Y. Insurance Chief Mills Urges TRIA Renewal
Apr 14 2005 // Acting New York Superintendent of Insurance Howard Mills testified before a U.S. Senate committee and urged Congress to extend this year the Terrorism Risk Insurance Act at least through 2007 because he said the private...
First Underwriting Profit Since 1978, Investment Gains Send Industry’s Net Income and Surplus to Record Highs
Apr 12 2005 // Benefiting from a rare profit on underwriting and investment gains, the U.S. property/casualty insurance industry’s net income after taxes rose 29 percent to a record $38.7 billion in 2004 from $30 billion in...
American Re Looks at North American Natural Catastrophes for the Past Year
Apr 12 2005 // In its fourth annual issue of topics: annual review of North American catastrophes, American Re is reviewing the major natural catastrophes of 2004, assesses their impact on the insurance industry, and identifies lessons...
P/C Industry Says Treasury Study Inadequate Gauge of Terrorism Insurance Market
Apr 11 2005 // Two months before the study is expected to be done, the property casualty insurance industry is getting nervous about a study on terrorism insurance being conducted by the Treasury Department, a study some in Congress are...
Florida’s CFO, Jupiter, Fla. Homeowners Discuss Unpaid Hurricane Claims; Final Meeting Slated April 9
Apr 8 2005 // Thursday night, six months after Hurricane Jeanne hit the east coast, Tom Gallagher, Florida’s CFO, met for the sixth in a series of seven town hall meetings to discuss unpaid claims with 250 homeowners in Jupiter,...
Fla. Legislation Would Require Insurance Companies to Disclose ‘Hurricane-Preparedness’ Discounts
Apr 8 2005 // Legislation now working its way through the Florida House and Senate would require insurance companies to disclose discounts they offer for policyholders who make their homes more resistant to hurricane winds. At present,...
Severe Thunderstorms, Tornadoes Pummel Mississippi; Agents Expect Claims
Apr 7 2005 // Mississippi homeowners began contacting their insurance companies after severe thunderstorms, spawning powerful tornadoes, pummeled Mississippi from top to bottom, destroying or damaging at least 75 homes and ripping away...
Lloyd’s Recorded Strong 2004 Profit Despite Hits from Natural Catastrophes
Apr 6 2005 // Lloyd’s of London announced an annually accounted profit of $2,605 million in 2004. Although below profits of 2003, this result was achieved despite net claims of $2.3 billion from the U.S. hurricanes, in the...
Expert Predicts 13 Named Storms, Seven Hurricanes
Apr 5 2005 // An active storm season with 13 named storms this year has been predicted by Colorado State University researcher William Gray. The hurricane expert, who has been making such forecasts for 22 years, said he expects seven...
Single Territory Map Plan Struck From Fla. House Bill, Remains in Senate Version
Apr 4 2005 // A proposal which would create a single Florida-wide territory map and eliminate individual rate territories based on predicted hurricane risks and expected loss models was removed from House hurricane legislation last...
An Underinsurance Lesson from the West Coast
Apr 4 2005 // In the aftermath of the devastating Southern California Wildfires of October 2003, claim adjusters went to work in an area where an estimated 3,631 structures were destroyed. In many cases the only remaining indication of...
Hurricane Victims Need Help!
Apr 4 2005 // When I attended the Florida Department of Financial Services town hall meeting in Orlando I got a glimpse of what many insurance agents must have encountered after last year’s hurricanes–how the heck did you...
South Central Homeowners Market Update
Apr 4 2005 // Judging from the homeowners insurance rate changes reported by the Arkansas Insurance Department for 2004, the highest increases were effective before August. The largest hike, 28.3 percent, was filed by Federal Insurance...
Homeowners Moving to the West Coast
Apr 4 2005 // Whether your client owns a multi-million dollar home overlooking the Pacific Ocean or a small bungalow tucked away a mile from the beach, it is your responsibility to find the right homeowners insurance coverage that will...
Adjusters can Detect the Problem of Underinsurance Before Disaster Strikes
Apr 4 2005 // In the aftermath of the devastating Southern California wildfires of October 2003, claim adjusters went to work in an area where an estimated 3,631 structures were destroyed. In many cases the only remaining indication of...
Homeowners Want ‘Uncovered Perils’ Clarified; Fla. Legislators Won’t Budge
Apr 1 2005 // Homeowners with outstanding claims for hurricane damage and their attorneys, insurance company lobbyists and Florida’s House Insurance Committee members all disagree about if an insurance company is liable if a...
Guy Carpenter, MMC Securities Cat Bond Market Update Sees Increased Growth
Apr 1 2005 // Guy Carpenter & Company, Inc., the global risk and reinsurance specialist and a part of the Marsh & McLennan Companies, and its affiliate MMC Securities Corp. announced the release of their joint study of the...
New GAO Study: U.S. Needs Government Help to Insure for Catastrophes and Terrorism
Mar 31 2005 // A new U.S. government report indicates that the private U.S. insurance industry would be placed under enormous strain without government intervention if there were a major terrorist or catastrophic event or series of...
New Hawaii Tsunami Report Added to RiskMeter Online
Mar 30 2005 // CDS Business Mapping, LLC is now offering Hawaii tsunami reports on the RiskMeter Online (www.RiskMeter.com). By simply typing in an address, users will be alerted if the address falls into a high risk area, as well as...
Q4 Rescues Hannover Re 2004 Profits from Hurricanes
Mar 30 2005 // Germany’s Hannover Re Group reported 309.1 million euros ($400 million) net after tax income for 2004, down 12.9 percent from 2003’s 354.8 million euros ($459.8 million). The company’s earnings report,...
