Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Safeco Unveils Q3 Numbers, Notes Hurricane Impact
Oct 19 2004 // Seattle-based Safeco on Tuesday reported third-quarter results, reflecting strong fundamentals in a period with substantial hurricane losses and the loss on the sale of Life & Investments. The company posted a net...
Fla. CFO Reports 5th Arrest of Unlicensed Public Adjuster Working in Hurricane-Damage Area
Oct 18 2004 // A Pennsylvania man working in the Fort Myers, Florida area was arrested by investigators with the Department of Financial Services on a charge of operating as a public adjuster without a license. Albert E. McBride III, 36,...
Allmerica Notes Impact from Hurricane Jeanne
Oct 18 2004 // Massachusetts-based Allmerica Financial Corp. announced estimated pre-tax catastrophe losses of approximately $30 million related to Hurricane Jeanne. The company expects to cede all Hurricane Jeanne losses to reinsurers,...
Best Reacts to Allstate Floridian’s Capital Management Efforts Following Hurricanes
Oct 18 2004 // A.M. Best Co. reported this week that it acknowledges Allstate Floridian Insurance Group’s (Allstate Floridian) (Northbrook, Ill.) capital management efforts following Hurricanes Charley, Frances, Ivan and...
A.M. Best Affirms FSR for Florida Farm Bureau Group
Oct 18 2004 // A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of the Florida Farm Bureau Group. The rating applies to Florida Farm Bureau Casualty Insurance Company and its fully reinsured subsidiary, Florida...
Unitrin Tabs Full Hurricane Losses at Less Than $15M
Oct 17 2004 // Chicago-based Unitrin, Inc. announced that it expects its net losses resulting from Hurricanes Charley, Frances, Ivan and Jeanne combined will be less than $15 million after-tax. Unitrin had previously disclosed that its...
NAMIC: Post-Election Priority – Extension of TRIA
Oct 15 2004 // The Terrorism Risk Insurance Act’s (TRIA) hard end date of Dec. 31 poses a huge problem for commercial insurance policies taking effect on or after Jan.1, 2005, as the end of the typical one-year policy will extend...
Insurers to Pay $6B on Claims for Hurricane Ivan
Oct 15 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6 billion for insured property losses from Hurricane Ivan, according to ISO’s Property Claim Services (PCS) unit. Hurricane...
Wind Insurance Hikes Slap Coastal Residents
Oct 15 2004 // Coastal homeowners are getting socked again, and it has nothing to do with Charley, Frances, Ivan or Jeanne. Homeowners who buy hurricane insurance on their homes through Citizens Property Insurance Corp., the...
W. Va. Hurricane Ivan Aid at $10.5 Million
Oct 14 2004 // Federal and state funds to assist West Virginians with flood recovery efforts have reached $10.5 million, state and federal recovery officials said this week. President Bush’s Sept. 20 Hurricane Ivan disaster...
Survey Says Nearly 8 in 10 Calif. Homeowners in Fire Danger Areas Think Wildfire Losses ‘Unlikely’
Oct 14 2004 // Seventy-eight percent of California homeowners living in identified fire danger areas believe that it is “somewhat” or “very” unlikely their home will be damaged or destroyed by a wildfire,...
AIG Reports on Hurricane, Typhoon Losses; $500-$515 Million After Tax Net Losses Expected
Oct 14 2004 // American International Group Inc. (AIG) has issued an estimate of its total expected losses relating to Hurricanes Charley, Frances, Ivan and Jeanne, and Typhoons number 16 (Chaba), 18 (Songda) and 21 (Meari) in Japan. AIG...
Best Affirms Rating of California Earthquake Authority
Oct 13 2004 // A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of California Earthquake Authority (CEA) (Sacramento, CA). The rating outlook is stable. The rating of CEA reflects its distinctive structure,...
TRIA Extension Uncertain, Insurers Advised to Prepare
Oct 13 2004 // Insurers doing business in urban areas need to examine their business plans to make sure they understand how both the federal Terrorism Risk Insurance Act (TRIA) and unfair discrimination law could affect their business,...
Fla. Begins Hurricane Victim Dispute Mediation Program Following Storms
Oct 12 2004 // Disgruntled storm victims dissatisfied with their insurers now have an option intended to expedite settlements and keep the disputes out of court — mediation, at the industry’s expense. About 2 million Floridians...
Montpelier Re, OPIC Offer Terrorism Cover Abroad
Oct 12 2004 // Bermuda-based Montpelier Re Holdings Ltd. (NYSE – MRH) announced that its wholly owned operating subsidiaries, Montpelier Reinsurance Ltd. and Montpelier Agency Ltd., have entered into agreements with the Overseas...
FEMA Opens Hurricane Recovery Centers in N.J.
Oct 12 2004 // The Federal Emergency Management Agency (FEMA) has opened two disaster recovery centers to help people and businesses whose property was damaged last month by the remains of Hurricane Ivan and subsequent flooding in New...
CFC Tabs Jeanne Losses at About $8 Million
Oct 12 2004 // Property/casualty insurer Cincinnati Financial Corp. announced an estimate of $8 million for pretax catastrophe losses resulting from Hurricane Jeanne and updated estimates for prior storms. Including Jeanne, third-quarter...
Midland Sees Q3 Profit Despite Hurricanes
Oct 12 2004 // Cincinnati-based specialty insurer the Midland Co. projected a third-quarter profit, despite volatile weather conditions during the quarter. “We are anticipating earnings per share for the third quarter to be between...
AXIS Capital Notes Q3 Hurricane Impact
Oct 12 2004 // AXIS Capital Holdings Ltd. reported that the total estimated net after-tax impact relating to its exposure to Hurricanes Charley, Frances, Ivan and Jeanne during the third quarter is expected to be between $190 –...
