Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
N.Y. Dept. Issues Guidance on Federal Terrorism Bill
Jan 1 2003 // New York Superintendent of Insurance Gregory Serio has issued guidance to the industry on the Federal Terrorism Bill. Circular Letter 25 of 2002 lays out the applicability, guidelines, and compliance procedures for the...
Munich Re Estimates 2002 Insured Losses from Catastrophes at $11.5 Billion
Dec 30 2002 // In a yearly review released today Munich Re calculates the overall economic losses from natural and man-made catastrophes in 2002 at a staggering $55 billion, compared to $35 billion last year. However, the world’s...
SPIR Meets Increasing Demand for Terrorist Cover
Dec 27 2002 // Special Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), established last March by Germany’s Allianz AG, several other European insurers and Bermuda’s XL Capital, offers property and business interruption...
California Earthquake Authority Shuns Offshore Entities
Dec 26 2002 // The California Earthquake Authority decided it will no longer conduct business dealings with U.S. companies that relocate in name only to offshore tax havens. According to the Sacramento Bee, state Treasurer Phil Angelides...
PXRE Concludes $194 Million Catastrophe Reinsurance Deal to Increase Underwriting Capacity
Dec 24 2002 // Bermuda-based PXRE Group Ltd. announced that it has entered into a quota share reinsurance agreement with P-1 Re Ltd. which will provide the company with $194 million in funded reinsurance protection against property...
AAI Pleased with Second Interim Guidance on Terrorism Insurance
Dec 20 2002 // The U.S. Treasury Department’s second set of guidelines to aid insurers in complying with the Federal Terrorism Risk Insurance Act, issued Dec. 18, addresses insurer participation in general, scope of coverage,...
Preliminary Swiss Re sigma Report Confirms 2002 “Below Average” Year for Catastrophe Losses
Dec 19 2002 // Swiss Re has issued some preliminary findings from its forthcoming sigma report on the world’s catastrophes in 2002. Initial estimates show that it was a relatively benign year. Although “19,000 people world...
IIAANY Provides Online Terrorism Insurance Kit to Members
Dec 19 2002 // The Independent Insurance Agents Association of New York Inc. (IIAANY) announced it will offer an electronic kit to member agents explaining how the recently passed Terrorism Risk Insurance Act would affect them. Available...
Weak Investment Results Throw Curve at P/C Insurers’ Recovery at Nine-Month Mark
Dec 18 2002 // Thanks to strong premium growth and lower catastrophe losses, the U.S. property/casualty industry earned $9.3 billion in net income after taxes through nine-months 2002, in sharp contrast to the $2.6 billion net loss...
21st Century Files Suit Relating to Fraudulent Claims
Dec 18 2002 // In response to a flood of insurance fraud relating to homeowners and earthquake insurance, 21st Century Insurance has filed a civil complaint against California-based Unlimited Adjusting Company and its principal Jung Ho...
Alliance, NAII Host Meeting on Terrorism Risk Act Implementation
Dec 16 2002 // The success of the newly enacted federal Terrorism Risk Insurance Act hinges on how smoothly the implementation process will be for insurers faced with a number of compliance issues. Enactment of the new legislation...
RAND, Risk Management Solutions Form Alliance to Study Terror Risk, Compensation
Dec 16 2002 // RAND and Risk Management Solutions (RMS) have formed a partnership to create a research center at RAND to study the risk of terrorism and how to compensate victims of terrorism. The center’s goal will be to support...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
A Year for Reflection and Reaction
Dec 16 2002 // As the end of 2002 nears, it is the time to look back over the past year and to reflect on the major events in this chaotic year. Any consideration of 2002 must consider the tumultuous reaction to the Sept. 11 terrorist...
What Will 2003 Bring for the Industry’
Dec 16 2002 // History will always view 2001 by what happened in 100 minutes, changing how we as a society view security and how we as an industry view risk. The year 2002 will be judged by what didn’t happen. The industry...
What Will 2003 Bring for the Industry’
Dec 16 2002 // History will always view 2001 by what happened in 100 minutes, changing how we as a society view security and how we as an industry view risk. The year 2002 will be judged by what didn’t happen. The industry...
A Year for Reflection and Reaction
Dec 16 2002 // As the end of 2002 nears, it is the time to look back over the past year and to reflect on the major events in this chaotic year. Any consideration of 2002 must consider the tumultuous reaction to the Sept. 11 terrorist...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
AAI Pleased With Early Action by Treasury, NAIC on Terrorism Insurance
Dec 10 2002 // The Alliance of American Insurers (AAI) says it is pleased with the initial steps taken by the U.S. Department of the Treasury in the implementation of the terrorism insurance legislation signed by the President...
Morris, Manning & Martin Forms Terrorism Insurance Group
Dec 9 2002 // The law firm of Morris, Manning & Martin, LLP, has established a new practice group focusing on terrorism’s impact on the insurance industry. Attorneys in the group will closely monitor and advise clients on the...
