Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
2004 HURRICANE SEASON NOT SO UNUSUAL AFTER ALL:
Nov 22 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...
The Hartford Purchases Collateralized CAT Reinsurance From Foundation Re
Nov 19 2004 // The Hartford Financial Services Group Inc. has acquired $247.5 million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company. The new reinsurance coverage is...
Six N.C. Homeowners Dispute Denial of Hurricane Ivan Damage Claims
Nov 19 2004 // Six residents in Peeks Creek, N.C. where four people died in a Hurricane Ivan-triggered landslide have hired lawyers to represent them after being denied insurance claims. Fifteen houses were damaged or destroyed in Peeks...
Zurich Posts 35% Increase in Nine Month Net Income
Nov 17 2004 // Zurich Financial Services reported a 35 percent increase in its net income for the first nine months of 2004 to $1.902 billion, compared to $1.41 billion in the same period of 2003, despite the impact of the Florida...
La. DOI Final Estimate of Hurricane Ivan Damages Totals Nearly $7.9 Million
Nov 17 2004 // Commissioner of Insurance Robert Wooley announced that the Louisiana Department of Insurance’s final estimate of Hurricane Ivan damage in Louisiana is $7,868,750.00. That figure is based on a reported 3,760 claims...
Nationwide Estimates Florida Hurricane Losses at $850 Million Pre-Tax
Nov 15 2004 // Ohio-based Nationwide Mutual Insurance Company and its P/C affiliates have issued an estimate of the losses and loss adjustment expenses from Hurricanes Charley, Frances, Ivan, and Jeanne of approximately $850 million on a...
Hannover Re Hit by Q3 Cat Losses; 9-month Operating Profit Down 18.1 % to $527 Million
Nov 12 2004 // Germany’s Hannover Re – ranked by Standard & Poor’s as the world’s fifth largest reinsurer – announced third quarter earnings that were heavily impacted by the Florida hurricanes and...
CFO Gives Hurricane Response Status Report; Fla. Mediation Begins Nov. 22
Nov 12 2004 // Following a recent emergency rule setting deadlines for processing claims there have been almost 17 percent fewer calls from consumers experiencing delays when dealing with an adjuster, according to the Florida Department...
Allstate Holding Off On New Homeowner Policies in Florida
Nov 11 2004 // Allstate Corp., the largest property casualty insurer in Florida, has announced it will cease writing new homeowners’ policies in Florida until the state Legislature meets in December and decides what to do about...
Benfield Report Looks at 2004 Hurricane/Typhoon Season and Destruction Left Behind
Nov 10 2004 // Between Atlantic hurricanes and Pacific typhoons, the 2004 storm season has already generated record catastrophe (CAT) losses which will reportedly encourage many insurers to rethink their CAT reinsurance coverage. The...
Calif. Senator to Hold Hearing for Wildfire Victims to Voice Issues with Industry
Nov 10 2004 // Community Assisting Recovery, CARe, a nationally recognized non-profit disaster recovery assistance organization, announces that survivors of the 2003 California wildfires and their more fortunate neighbors will be able to...
Munich Re Posts $472 Million Q3 Profit, $1.94 Billion for Nine Months; Affirms Full Year Estimate (Almost)
Nov 9 2004 // Despite an estimated 550 million euros ($711 million) in hurricane related claims, Munich Re, the world’s largest reinsurer, seems to have weathered the storm(s). The company announced third quarter profits of 365...
Platinum Posts $69.8 Million Q3 Loss
Nov 9 2004 // Platinum Underwriters Holdings, Ltd. became another casualty of the Florida hurricanes. The Bermuda-based insurer posted a net loss for the period of $69.8 million, or $1.62 per common share, as its GAAP combined ratio...
Insurance Paid $20 Billion, More Than Half of Total Compensation to 9/11 Victims, Rand Study Finds
Nov 9 2004 // Victims of the Sept. 11, 2001 terrorist attacks — both individuals killed or seriously injured and individuals and businesses impacted by the strikes — have received at least $38.1 billion in compensation, with...
Mass. Insurance Chief Eyes Northeast Cat Fund
Nov 9 2004 // Part of the coastal property insurance solution for Cape Cod and other seaside communities in Massachusetts could lie beyond the state’s own borders. Massachusetts Insurance Commissioner Julianne Bowler, in remarks...
Fla. Subpoenas Marsh; Hurricane Victims Could Receive Extension
Nov 9 2004 // In an effort to obtain a better look at insurance contracts with state agencies and any impact on public dollars, Tom Gallagher, Florida Chief Financial Officer, has subpoenaed Marsh & McLennan for documents related...
Big ‘I’ Panelists Concerned About Terrorism, Asbestos, Tort Reform
Nov 8 2004 // Terrorism, asbestos and tort reform will be key industry concerns according to five insurance company CEOs participating in a panel discussion during last month’s Independent Insurance Agents & Brokers of...
ISO: INSURERS WILL PAY ESTIMATED $3.245 BILLION ON HURRICANE JEANNE CLAIMS:
Nov 8 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.245 billion for insured property losses from Hurricane Jeanne, according to preliminary estimates by ISO’s Property Claim...
Underinsured Homeowner Problem Revisited on Anniversary of Calif. Wildfires
Nov 8 2004 // Replacement cost, policy limits, and non-renewal of policies were the source of a heated debate in a day-long hearing investigating underinsured homeowners affected by last year’s wildfires. California Insurance...
AIG’s Terrorism Protection Portfolio Includes Biological and Chemical Attack Coverage
Nov 5 2004 // The AIG Companies have launched LexHomeland Protector, a comprehensive terrorism insurance portfolio designed to help protect businesses against terrorism risks, including losses arising from biological and chemical...
