Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Munich Re 2003 Catastrophe Study – Fatalities up 450 Percent; $15 Billion Insured Losses
Dec 30 2003 // Munich Re has released its analysis of natural catastrophes in 2003 and concluded that economic and insured losses continue to increase at a high level. Preliminary portions of the study had been presented at the recent...
Geotrac’s Newest Database Indicates High-Risk Earthquake Areas for Industry
Dec 24 2003 // While nobody has the capability to predict earthquakes, Geotrac’s newest database of natural hazard variables shows that the Paso Robles’ area, hit by yesterday’s earthquake, has a high annual risk...
P/C Industry’s Net Income Surges, But Slowing Premium Growth May Hamper Further Progress, Report Says
Dec 23 2003 // According to a report released by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers, the U.S. property/casualty industry’s net income after taxes increased to $21.1 billion...
Insurance Information Institute Unveils Earlybird Forecast for 2004
Dec 18 2003 // Each year the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the current and coming year. The survey reveals that the...
Terrorism: The Issue of the Moment at Dallas All Industry Day
Dec 15 2003 // “Dirty bomb” was the phrase of the day at the All Industry Day held Nov. 25 in Dallas—perhaps not so surprising, given the fact the conference was titled, “Confronting Terrorism, Not If But...
ACE USA Makes Available Mandatory Evacuation Product
Dec 10 2003 // ACE USA, the U.S.-based retail operations of the ACE Group of Companies, has introduced ACE EVAC, a new insurance product that provides coverage for businesses in U.S.-based coastal areas that incur business losses from a...
Horace Mann Estimates Impact of Calif. Wildfires; Lowers 2003 Earnings Estimate
Dec 9 2003 // Illinois-based Horace Mann Educators Corporation estimates its policyholder claims from wildfires in Southern California will total approximately $12.5 million pretax. Reflecting anticipated recoveries from the...
ACE USA Appoints Wise to Lead Terrorism Underwriting Unit
Dec 4 2003 // ACE USA announced the appointment of William Wise, vice president, to lead its stand-alone Terrorism Underwriting Unit. Based in Philadelphia, Wise will have overall responsibility for the marketing and underwriting...
Treasury Unveils Proposed Rules on Terrorism Risk Insurance Act
Dec 3 2003 // The Department of the Treasury recently issued proposed rules to address Claims Procedures and Audit, and Investigative and Civil Money Penalty Procedures implementing the Terrorism Risk Insurance Act of 2003 (TRIA)....
Protecting Your Company from Terrorism Within
Dec 1 2003 // Thousands of terrorists call the United States home. It has been estimated that hundreds of terrorist sleeper cells are scattered throughout our country, waiting for orders and instructions. For the weeks or months or...
Business Disaster Planning
Dec 1 2003 // While this article was being written, Southern California was still on fire. Thousands of homes were burned to the ground along with hundreds of thousands of acres of forests. This is one of the key times that the...
A Halfway Point in the Fight Against Terrorism
Dec 1 2003 // Nov. 6 marked an important point in time for America’s property and casualty insurers. It was the halfway point between the Sept. 11, 2001, terrorist attacks and Dec. 31, 2005, the date that the Terrorism Risk...
S&P COMMENTS ON CALIF. WILDFIRE AFTERMATH:
Dec 1 2003 // The biggest wildfire in U.S. insurance history will neither undermine insurance ratings nor prompt a pricing surge in homeowners’ coverage in the state, according to the most recent research by Standard &...
A Halfway Point in the Fight Against Terrorism
Dec 1 2003 // Nov. 6 marked an important point in time for America’s property and casualty insurers. It was the halfway point between the Sept. 11, 2001, terrorist attacks and Dec. 31, 2005, the date that the Terrorism Risk...
California Wildfire Claims Reach 12,700
Nov 28 2003 // According to recent reports, insurers have received more than 12,700 claims relating to the California wildfires. Losses from the fires that ravaged Southern California in October are now estimated to approach close to...
Federal Terrorism Insurance Issues Examined at CAS Annual Meeting
Nov 26 2003 // Actuaries reportedly face difficult challenges in accurately pricing commercial property insurance coverage under the Terrorism Risk Insurance Act of 2002 (TRIA), the temporary federal financial backstop for insuring...
Auto Club Cuts Rates for Total Loss Victims Of Wildfires
Nov 24 2003 // The Auto Club’s affiliated Interinsurance Exchange has gained state insurance department interim approval for its emergency request to reduce insurance rates for its policyholders whose houses were destroyed by the...
CDS Unveils Fla. Windstorm Mitigation Credit Maps
Nov 21 2003 // CDS Business Mapping, LLC a provider in online hazard mapping, has released its Florida Windstorm Mitigation Credit Maps. This is a set of three digital maps for insurers to meet the requirements for the new Florida...
Safeco Estimates Calif. Wildfire Losses
Nov 18 2003 // Safeco announced that claims stemming from the recent California wildfires are estimated at $16.0 million in pretax catastrophe losses. This figure represents the estimated losses both from claims received through Nov. 14...
Business Disaster Planning
Nov 17 2003 // While this article was being written, Southern California was still on fire. Thousands of homes were burned to the ground along with hundreds of thousands of acres of forests. This is one of the key times that the...
