Latest Hurricane Headlines

RMS CEO Discusses Cat Models at Bermuda Conference

Mar 1 2006 // Speaking at the World Insurance Forum in Bermuda, Hemant Shah, Risk Management Solutions CEO, warned that insurers should be preparing to increase their reserves for catastrophe losses, not only due to the unprecedented...

Fla. Insurance Council to Push Mitigation Efforts in Legislature

Feb 28 2006 // Having paid out more than $30 billion in claims over the past two hurricane seasons in Florida, the Florida Insurance Council will ask lawmakers this legislative session, to push mitigation efforts to combat the...

Swiss Re <em>sigma</em> Report Notes $83B Insured 2005 Cat Losses

Feb 28 2006 // Swiss Re’s latest sigma report examines the natural catastrophes and man-made disasters of 2005. Among other findings it notes that “more than 97 000 people lost their lives” as a result of one of the...

N.Y. Homeowners Insurance Market: Strong or Weak?

Feb 28 2006 // New York’s homeowners insurance market is either strong, stable or fragile depending upon whether the speaker is an agent or an insurer. Also, Allstate Insurance Co.’s decision to limit its business in eight...

Six Months After Katrina, New Orleans Far From Whole

Feb 27 2006 // They’re throwing Mardi Gras beads again, so many strands, they’re landing in tree branches and getting snagged on the trellised balconies of the French Quarter. They’re adorning the arms of Spanish...

Guy Carpenter and MMC Securities Unveil Review of CAT Bond Market

Feb 27 2006 // Guy Carpenter & Company Inc. and MMC Securities Corp., an affiliate of Guy Carpenter, reported the publication of The Catastrophe Bond Market at Year-End 2005: Ripple Effects from Record Storms, their fourth annual...

Hurricanes Drive 39% Decline in Net Income for Giant State Farm

Feb 26 2006 // Hurricane losses and loss adjustment expenses totaling $6.3 billion (after reinsurance) contributed to a reduction in State Farm’s 2005 net income. The company is reporting an after-tax net income from all sources of...

PXRE Posts $446.5 Million Q4 Loss

Feb 23 2006 // The Bermuda-based PXRE Group Ltd. reported a net loss before convertible preferred share dividends of $446.5 million for the quarter ended December 31, 2005 compared to net income before convertible preferred share...

GE Insurance Solutions: Are Insurers Prepared for the Perfect Storm?

Feb 23 2006 // While increased frequency of hurricanes is nothing new in historical terms, the enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper...

Hurricane Experts: Prepare Now With Backup Systems, Make Sure They Work

Feb 23 2006 // Emergency officials and hurricane experts pointed out essential steps agencies should take to prepare for the hurricane season which begins in 90 days: Have a backup system up and running, and perform regular checks to...

White House Says It Learned Lessons from Hurricane Katrina

Feb 23 2006 // The Bush Administration on Thursday released its review of The Federal Response to Hurricane Katrina. In the 228-page report, the Bush Administration notes that there were major flaws in the response on the...

Citizens Claims Dramatic Customer Service Improvements

Feb 21 2006 // More than 90 percent of all claims related to Hurricane Wilma have been closed according to Bob Ricker, Citizens Property Insurance Corp. executive director. He also reported that more than 91 percent of all hurricane...

State Auto Financial Reports 2005 Net Income Up 14%

Feb 21 2006 // Columbus, Ohio-based State Auto Financial Corporation reported that revenue for the year 2005 was $1.14 billion, up from $1.09 billion for the same 2004 period. For the year 2005, State Auto achieved record net income of...

N.Y. Senator Schumer criticizes Allstate’s metro-area retreat

Feb 20 2006 // New York State’s largest provider of homeowners insurance should reconsider its decision to stop writing new policies in the metropolitan area over concerns about hurricane damage, according to Sen. Charles...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 20 2006 // As is obvious from a perusal of newspaper articles and legal journals, the devastating damage throughout the entire Gulf Coast Region from the recent hurricane season has raised numerous legal issues regarding insurance...

Louisiana’s Robert Wooley: Leaving office, not the industry

Feb 20 2006 // Louisiana Insurance Commissioner Robert Wooley announced he would step down as commissioner Feb. 15, 2006, leaving the office he has held since 2000. Although he is returning to the private sector, Wooley indicated he...

News Currents

Feb 19 2006 // As part of his proposal, Gallagher is asking the Legislature to earmark the increase in sales tax revenue collected during hurricane recovery to help offset assessments against homeowners. Florida CFO renews call for...

Louisiana’s Robert Wooley: Leaving office, not the industry

Feb 19 2006 // Louisiana Insurance Commissioner Robert Wooley announced he would step down as commissioner Feb. 15, 2006, leaving the office he has held since 2000. Although he is returning to the private sector, Wooley indicated he...

Feb 19 2006 // Catastrophe funding big on the radar screen for 2006 Some 60 to 70 percent of the estimated $4.7 billion in insured losses caused by Hurricane Rita in September 2005 occurred in Texas. The state experienced 188,000 claims,...

What does a ‘Valued Policy’ cover in Louisiana and Mississippi?

Feb 19 2006 // In general, “Valued Policy” statutes require an insurer to ascertain the value of the property being insured at the time a policy is written and to pay that value to the insured when there is a total loss. As...