Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Ohio Casualty’s Earnings Down $2.1 Million From Year Ago
Aug 8 2003 // Fairfield, Ohio-based carrier Ohio Casualty Corp. announced second-quarter net income of $11 million, or 18 cents per diluted share, down from a year ago’s $13.1 million, or 21 cents per diluted share. The company...
Insurers Expected to Pay $4.9B for Q2 CAT Losses
Aug 8 2003 // U.S. property/casualty insurers are expected to pay policyholders an estimated $4.9 billion for insured property-loss claims from four catastrophic events in the second quarter ― the second-highest second quarter in...
Swiss Re, Mitsui Sumitomo Arrange $100M Catastrophe Risk Swap
Aug 6 2003 // Swiss Re and Mitsui Sumitomo Insurance Company have arranged a $100 million catastrophe risk swap. The catastrophe risk swap is structured in two risk exchanges of $50 million each: Japan typhoon for North Atlantic...
Vesta Reports Cat Losses for Second Quarter
Aug 6 2003 // Birmingham, Ala.-based Vesta Insurance Group Inc. reported a net operating loss from continuing operations of $5.4 million, or $(0.16) per share in the second quarter of 2003 compared to a net operating loss from...
ICT REPORTS ON TEXAS’ COSTLIEST AND DEADLIEST STORMS
Aug 4 2003 // The Insurance Council of Texas (ICT) reported the state’s costliest and deadliest storms since 1950. A tropical storm that dropped more than three feet of rain on parts of Houston was the costliest weather disaster...
ALDOI Urges Homeowners to Review Hurricane Coverage
Aug 1 2003 // August ushers in the peak of hurricane season, so the Alabama Department of Insurance is asking Alabama homeowners to check their insurance policies in regards to hurricanes—particularly in the area of deductibles. In...
Cincinnati Financial’s Q2 Profit Up 58% Over Last Year’s
Jul 30 2003 // Multi-line insurer Cincinnati Financial Corp. reported second-quarter net income of $84 million, or 52 cents per diluted share, compared with $35 million, or 21 cents per share, in the second quarter of 2002. These figures...
ISO Reports Insurers Expected to Pay $4.9B for Q2 Catastrophe Losses
Jul 29 2003 // U.S. property/casualty insurers are expected to pay policyholders an estimated $4.9 billion for insured property-loss claims from four catastrophic events in the second quarter ― the second-highest second quarter in...
Profitable Performance by Safeco’s Auto and Group Lines Drives Q2 Results
Jul 28 2003 // Profitable performance of its Auto and Group stop-loss medical insurance lines drove Safeco’s second-quarter results as the company reported net income of $111.9 million, or $0.81 per diluted share. This compares...
Mo. DOI to Hold Meetings for May Tornado Victims
Jul 23 2003 // Missouri Department of Insurance Director Scott Lakin announced that his staff will conduct “town hall” meetings Aug. 7 in Hillsboro and Aug. 11 in Stockton for Missourians who suffered tornado damage in early...
Claudette Downgraded to Tropical Storm
Jul 16 2003 // After briefly being considered a hurricane as it neared Baffin Bay to High Island, the National Weather Service relabeled Claudette a tropical storm as it hits South Texas, from Port Aransas to Freeport. The storm with...
RMS Releases First High Res Earthquake Model For Ins. Risk in Israel
Jul 15 2003 // Risk Management Solutions (RMS) nnounced the release of the RMS Israel Earthquake model. This model is the first to offer both high resolution and aggregate analysis capabilities for insurance and reinsurance risk...
ICT Reports on Texas’ Costliest and Deadliest Storms
Jul 14 2003 // The Insurance Council of Texas (ICT) today reported the state’s costliest and deadliest storms since 1950. A tropical storm that dropped more than three feet of rain on parts of Houston was the costliest weather...
Terrorism Risk Act Regulation Finalized
Jul 10 2003 // The Department of the Treasury this week finalized the first regulation implementing the Terrorism Risk Insurance Act of 2002 (TRIA). The final rule clarifies that fidelity insurance is not included under the Act and does...
Tropical Storm Claudette Moving Toward Mexico
Jul 10 2003 // The National Hurricane Center in Miami continued its “Tropical Storm Warning,” as “Claudette,” the third named Atlantic storm of the season continues to move west through the Gulf of Mexico towards...
Tropical Storm Bill Moving Towards Gulf Coast; Hurricane Watch Issued
Jun 30 2003 // The National Hurricane Center reported that Tropical Storm Bill is currently around 185 miles south of Morgan City Louisiana, and is moving north at around 14 mph. If it continues along its present path, Bill could make...
SAFECO ESTIMATES STORM LOSSES:
Jun 23 2003 // Seattle-based Safeco announced that claims stemming from the recent string of Midwest and Southern tornadoes, added to losses from violent hailstorms in Texas earlier in the quarter, are estimated at nearly $90 million in...
Dearth Amidst Plenty – Reinsurers Send Mixed Signals
Jun 23 2003 // Is the glass half-full, or half-empty? The classic example of identical facts dictating opposite conclusions, depending on whether you’re an optimist or a pessimist, defines the current picture in the reinsurance...
AIR Expands San Francisco Office for Research in Earthquake Engineering
Jun 18 2003 // AIR Worldwide Corporation (AIR) announced the relocation and expansion of its San Francisco office to accommodate the increasing number of research initiatives being undertaken there. The San Francisco team, led by Dr....
AIR Releases New Models and New Features in 2003 Version of CLASIC/2
Jun 12 2003 // Boston-based catastrophe and weather risk modeler AIR Worldwide Corp. announced the latest release of CLASIC/2(TM), it’s interactive desktop system for the assessment and management of catastrophe risk. “The...
