Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insurers looking at $120M Price Tag for Insured-Property Losses from Ariz. Wildfire
Jul 19 2002 // Insurers are expected to pay an estimated $120 million to home owners and businesses for insured-property losses from the Rodeo-Chediski Complex wildfire in Arizona, according to preliminary projections by the Insurance...
AIA Praises N.Y. Department’s Approval of Catastrophe Loads for Workers’ Comp
Jul 16 2002 // New York Insurance Superintendent Gregory V. Serio’s decision to allow insurers to build “catastrophe loads” into their workers’ compensation reserves is a positive step toward dealing with...
AIR Worldwide Unveils 2002 Version of CLASIC/2
Jul 16 2002 // AIR Worldwide Corporation (AIR), a technological provider in catastrophe modeling and weather risk management, announced the latest release of CLASIC/2™. CLASIC/2, an interactive desktop system for the assessment and...
PartnerRe Names Walker to Head of Catastrophe
Jul 16 2002 // Bermuda-based PartnerRe Ltd. named Tad Walker as the Group’s Head of Catastrophe. Walker will be responsible for PartnerRe’s worldwide book of catastrophe business and will manage the underwriting team based in...
ISO Reports Record 2001 Underwriting Losses, Poor Investment Results behind PnC Industry’s First-Ev
Jul 10 2002 // The property/casualty insurance industry recorded its first-ever net loss after taxes in 2001, stemming from sharply higher underwriting losses and substantial deterioration in investment results, according to Insurance...
U.S. Lawyer Urges Global Definition of Terrorism
Jul 10 2002 // Atlanta-based attorney Tom Player, who chairs the Insurance group at Morris, Manning & Martin, LLP, announced that he plans to propose the adoption of a global definition of terrorism for the insurance industry at the...
Ariz. Director of Ins. Visits Claims Facilities in Wildfire Area
Jul 9 2002 // Arizona’s director of insurance, Charles Cohen, recently visited Show Low, Ariz. to inspect the on-site catastrophe claims facilities of the four largest homeowner and auto insurers in Arizona: State Farm, Farmers,...
SEPT. 11 INSURED-PROPERTY LOSS ESTIMATE TOPS $20B:
Jul 8 2002 // Insured-property losses from the Sept. 11 terrorism attack are now estimated at $20.3 billion, up from the $16.6 billion that Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit had reported...
Surplus Lines and the Lloyd’s Market
Jul 8 2002 // Lloyd’s of London is perhaps the most well- known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35...
For Lloyd’s, Continued Growth Expected in Surplus Linese
Jul 8 2002 // Lloyd’s of London is perhaps the most well known insurer in the U.S., not only due to its 300 years of existence, but also because this country is the London market’s biggest customer, accounting for over 35...
Insurers Reveal Damage Estimates from Colo. Wildfires
Jul 4 2002 // Damage from three wildfires that recently ravaged Colorado could cost insurers a record setting $50 million, according to the Associated Press. Preliminary estimates revealed that State Farm anticipates a payout of $24.7...
Homeowners’ Rates on Rise: Increased Catastrophes, Soaring Home Repairs and Excessive Jury Awards am
Jul 1 2002 // An extraordinary number of catastrophes, the high cost of home repairs and excessive jury awards due to the emergence of mold claims are pushing the cost of homeowners insurance upward an average of 8 percent nationwide in...
P/C Industry’s 1stQ Net Income Falls 7.3 Percent
Jun 27 2002 // The U.S. property/casualty industry’s net income after taxes dropped 7.3 percent to $5.1 billion in first-quarter 2002 from $5.5 billion in first-quarter 2001, according to just released information from Insurance...
AASCIF President Met with Senator for Swift Passage of Terrorism Legislation
Jun 26 2002 // Kenneth Bollier, president of the American Association of State Compensation Insurance Funds (AASCIF), recently met with U.S. Senator Charles Schumer (D-New York) and the staffs of Senators Barbara Boxer (D- California)...
The Storms Will be Out There: Average Hurricane Season Predicted
Jun 24 2002 // Colorado State University hurricane forecasters, led by Dr. William Gray, recently lowered this year’s Atlantic basin hurricane forecast numbers, but that hasn’t prevented insurance commissioners from states...
SENATE TERRORISM BILL INTRODUCED:
Jun 24 2002 // The Alliance of American Insurers (AAI) says it is encouraged that the Senate is now beginning to focus on the terrorism insurance issue with the introduction of a bill (S 2600) by Senators Chris Dodd (D-CT), Harry Reid...
SENATE TERRORISM BILL INTRODUCED
Jun 24 2002 // The Alliance of American Insurers (AAI) says it is encouraged that the Senate is now beginning to focus on the terrorism insurance issue with the introduction of a bill (S 2600) by Senators Chris Dodd (D-CT), Harry Reid...
RMS
Jun 24 2002 // Risk Management Solutions has expanded its online services for real-time hurricane monitoring and information, coinciding with the start of the 2002 Atlantic Hurricane season on June 1. The expanded RMS monitoring services...
New England Council, PIA Laud Passage of Terrorism Insurance Bill
Jun 19 2002 // Both the New England Council and the National Association of Professional Insurance Agents expressed strong approval of the U.S. Senate’s action in passing legislation to provide back-up insurance for acts of...
Insured-Property Loss Estimate from Sept. 11
Jun 19 2002 // Insured-property losses from the Sept. 11 terrorism attack on the World Trade Center and the Pentagon are now estimated at $20.3 billion, up from the $16.6 billion that Insurance Services Office, Inc.’s (ISO)...
