Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
RMS Unveils Game Theory-Based Terrorism Risk Model
Sep 19 2002 // Risk Management Solutions (RMS), has launched its U.S. Terrorism Risk model, a model designed to assist property, workers’ compensation, and life insurers and reinsurers in quantifying the risk from catastrophic...
New Guy Carpenter Study Finds Reinsurance Markets Worldwide Hardened in 2002; Rates Increased in All Regions for Virtual
Sep 17 2002 // Rates in 2002 for reinsurance covering the property catastrophe risks of insurance companies increased in all regions for virtually all insurance companies, according to a new report by Guy Carpenter & Co., Inc. The...
Terrorism Insurance Remains Elusive
Sep 12 2002 // Terrorism coverage remains limited to large commercial property holders, one year after the Sept. 11 attacks, according to an article in the Washington Post. American International Group (AIG) CEO Maurice Greenberg said...
So. Korea Insurers Estimate Typhoon Claims at $130 Million
Sep 10 2002 // South Korea’s property/casualty insurers have estimated that they will pay 156.3 billion won (around $130 million) in claims for damages caused by typhoon Rusa, which struck the country last week (See IJ Website...
$20 Million Damage Estimate from Wisconsin Tornado
Sep 5 2002 // A tornado that ripped through the town of Ladysmith in Wisconsin’s Rusk County on Labor Day caused an estimated $20 million in damages. According to a report from the Associated Press local authorities estimated the...
AIR Releases Terrorism Loss Estimation Model
Sep 4 2002 // Boston-based AIR Worldwide, which is now a subsidiary group within the ISO, announced the release of the “AIR Terrorism Loss Estimation Model.” “The new catastrophe model, the first commercially available...
Weiss Ratings Says Domestic Insurers Report Net Claims of $8.5 Billion from Sept. 11 Attacks
Sep 4 2002 // The nation’s property and casualty insurers reported $8.47 billion in net claims (1) arising from the Sept. 11 terrorist attacks, according to research by Weiss Ratings Inc. Two groups of insurance companies,...
At Least 50 Die as Typhoon Ravages So. Korea
Sep 2 2002 // Typhoon Rusa battered the So. Korean peninsula over the weekend with 130 mph winds and torrential rains, leaving at least 50 persons dead and many more missing, in what authorities described as the most severe storm in 40...
Sept. 11 Revisited: The Future of the Industry
Sep 2 2002 // When the nation awoke on the morning of Tuesday, Sept. 11, little did it know that the events over the next few hours would change its lives forever. Not only were there thousands of lives lost and injured, but many more...
Exclusions Persist as Congress Debates Federal Terrorism Backstop Legislation
Sep 2 2002 // Nearly a year after the Sept. 11 terrorist attacks, the issue of federal insurance backstop legislation to protect carriers against future losses stemming from more attacks remains a crucial yet unresolved issue for the...
Adjusting Our Focus
Sep 2 2002 // It was a beautiful fall morning. I had been running late, and then had gotten lost in the rolling hills of Northern New Jersey on the way to a meeting, but the cool breeze brushed away my concerns. The meeting was a...
Adjusting Our Focus
Sep 2 2002 // It was a beautiful fall morning. I had been running late that morning and then had gotten lost in the rolling hills of Northern New Jersey on the way to a meeting, but the cool breeze brushed away my concern at being late....
A Year Later, Industry Takes Stock of Itself
Sep 2 2002 // When the nation awoke on the morning of Tuesday, Sept. 11, little did it know that the events over the next few hours would change its lives forever. Not only were there thousands of lives lost and injured, but many more...
Exclusions Persist as Congress Debates Federal Terrorism Backstop Legislation
Sep 2 2002 // Nearly a year after the Sept. 11 terrorist attacks, the issue of federal insurance backstop legislation to protect carriers against future losses stemming from more attacks remains a crucial yet unresolved issue for the...
NAMIC Responds to CFA Study
Aug 23 2002 // The National Association of Mutual Insurance Companies (NAMIC) issued a response Aug. 22 to the Consumer Federation of America (CFA) study, “How the Lack of Federal Back Up for Terrorism Insurance Has Affected...
RMS Expands Geographical Coverage of Catastrophe Models
Aug 23 2002 // California-based Risk Management Solutions (RMS) has expanded its catastrophe modeling capabilities to include windstorm risk in Ireland and Sweden, and earthquake risk in Turkey and the Philippines. The expansion brings...
AAI Rebuts WSJ Commentary Questioning Need for Federal Terrorism Backstop
Aug 20 2002 // David Farmer, senior vice president of federal affairs for the Alliance of American Insurers, has sent a letter to the editor of the Wall Street Journal. In it, he rebuts a commentary the newspaper published by Holman W....
CDS Makes Wildfire Hazard Model Available for Calif.
Aug 19 2002 // CDS Business Mapping, a source for online hazard mapping, has launched its Wildfire Hazard Model for California. The new service allows property insurers to perform brushfire lookups quickly and accurately, saving time and...
Miami Hurricane Damage Could Cost $80B
Aug 19 2002 // A direct hit on downtown Miami by the most powerful type of hurricane could cause $80 billion in damage, far exceeding that of Hurricane Andrew, the costliest natural disaster in U.S. history, an insurance industry group...
Study Says Terrorism, Pricing and Capacity are Major Industry Challenges
Aug 16 2002 // A new study released by National Marketing Services finds that executives of major reinsurers and carriers believe terrorism, pricing and capacity are the major challenges currently facing the industry. The new study,...
