Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Insurance Industry Posts Strong Q1 Gains HOW REAL ARE THEY’
May 13 2002 // After suffering its first ever net loss in 2001,an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of 2002...
Terrorism Insurance Still on Front Burner for Insurers, Lawmakers
May 13 2002 // Amid heavy lobbying on the part of financial lenders, insurers, real estate executives and even President Bush, the Democrats and Republicans in the Senate seem to have come to agreement that there is need for some kind of...
So Far, So Good
May 13 2002 // As I was saying, before I was so rudely interrupted… Last time, we draped our cover and opening prose in funeral black crepe proclaiming 2001 “The Worst Year Ever”, the property and casualty business having...
Insurance Industry Posts Strong Q1 Gains
May 13 2002 // After suffering its first ever net loss in 2001, an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of...
AIG’s Terrorism Meeting Focuses on Security
May 10 2002 // In the words of security consultant Brian Jenkins, “There will be further incidents of terrorism.” Jenkins, speaking at AIG’s “Terrorism: The Cost of Risk” meeting in Los Angeles, described...
Regulators Hear Industry’s Cautions on Mixing Terrorism Risk and Natural Disasters in CAT Plan
May 8 2002 // A National Association of Insurance Commissioners (NAIC) committee wanting to add terrorism risk to an existing plan for catastrophe reserving has agreed to slow down after the National Association of Mutual Insurance...
AAI Points to U.S. Congress JEC Study
May 8 2002 // The Alliance of American Insurers has pointed to the U.S. Congress Joint Economic Committee’s (JEC) new study The Economic Costs of Terrorism, as further evidence that federal terrorism reinsurance legislation is...
IIC Award-Winner Warns: Terrorism Cover No Panacea, U.S. Regulation Out of Step
May 3 2002 // New York—The insurance business needs help in the form of terrorism coverage, but it’s no panacea, warns Robert V. Mendelsohn, the American Chief Executive of London-based Royal & Sun Alliance Insurance...
ISO Service to Act as Lehman Re’s Trigger for Earthquake Risks
May 3 2002 // Redwood Capital I Ltd. has licensed insured-loss information from Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit to be used as a “trigger” for payments on a one-year...
Lloyd’s Riley Urges Passage of Terrorist Insurance Bill
May 2 2002 // Following recent meetings with policy makers in Washington D.C., Lloyd’s Chairman Sax Riley issued a statement urging U.S. lawmakers to pass the stalled terrorist coverage bill. “Lloyd’s was one of the...
News Analysis: Commentary on Full Year 2001
Apr 29 2002 // The property/casualty insurance industry reported a statutory rate of return of negative 2.7 percent in 2001, down from 6.5 percent return for the year 2000. The results were released by the Insurance Services Office, Inc....
Terrorism
Apr 29 2002 // Nuts & Bolts: ACE USA is offering a specialist solution to several specific industry classes with a shortage of terrorism related insurance capacity. The ACE terrorism insurance product is focused on U.S. and Canadian...
AIR Conference Offers Look at Risks in Changing Environment
Apr 26 2002 // Frank Coyne, president and CEO of New Jersey-based Insurance Services Office (ISO), feels that independent agents’ biggest challenge in 2002 is sending the message to policyholders that the market is stable despite...
EQECAT Releases New Catastrophe Modeling Software
Apr 24 2002 // Oakland-based EQECAT Inc. announced the release of “WORLDCATenterprise (TM) 3.0,” new catastrophe management modeling software, covering risks in 88 different countries. The company described the new software...
Hiscox Posts $46 Million Loss; Places $33 Million in Cat Bonds
Apr 16 2002 // The U.K.’s Hiscox Group, which operates as a retail insurer as well as running Lloyd’s Syndicate 33, reported a £32.5 ($46.5 million) loss for 2001, largely as a result of claims related to the attacks on...
Terrorism Insurance and Home Security
Apr 15 2002 // The issue of whether or not the government should be in the business of providing terrorism insurance is a confusing one. Congress clearly has a problem with it. Although the House passed its version of a bill that would...
Aon Addresses Tornado/Hail Loss
Apr 15 2002 // Aon announced that its reinsurance services unit has assembled substantial capacity for clients that are exposed to potentially significant tornado/hail losses. The capacity is available on either an indemnity or index...
The Illusion of Protection: Terrorism, War and Workers’ Compensation
Apr 15 2002 // The impact of the terrorist attacks of September 11th on the property/casualty insurance industry can hardly be overstated—the largest catastrophe loss ever; an unprecedented convergence of coverages, creating a...
Mike Oxley Says “Vibes” Are Good for Terrorism Backup
Apr 12 2002 // WASHINGTON, D.C.—The chairman of the powerful House Financial Services Committee said here April 11 that he likes the chances for eventual passage of a federal government backup for terrorism insurance. Rep. Mike...
ACE USA to Offer Specialized Coverage for U.S., Canada to Insure Against Terrorism Risk
Apr 12 2002 // ACE USA announced that it would provide a specialist solution to several specific industry classes with a shortage of terrorism related insurance capacity. The ACE terrorism insurance product is focused on U.S. and...
