Latest Hurricane Headlines
All the headlines from our Hurricane Topic Page, ordered by recency.
Florida Insurance Council EVP Predicts Hurricane Insurance Will Be of ‘Utmost Concern’ in 2006
Dec 28 2005 // Hurricane insurance will be the most significant property and casualty issue on a state level in 2006, just as it was in 2005, Sam Miller, executive vice president of the Florida Insurance Council told Insurance...
Insurers’ Income, Surplus Rise Despite Record Catastrophe Losses
Dec 28 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 4.4 percent, or $1.2 billion, to $28.8 billion in nine-months 2005 from $27.6 billion in nine-months 2004. Reflecting the industry’s...
La., Miss. Relief Agencies to Share $125K in Aid from Council Foundation
Dec 28 2005 // The Foundation for Agency Management Excellence (FAME), an insurance industry educational foundation of The Council of Insurance Agents & Brokers, has identified the three relief agencies in Louisiana and Mississippi...
Best Affirms Quanta Group’s ‘A-‘ Ratings; Outlook Negative
Dec 27 2005 // A.M. Best Co. announced that it has affirmed the financial strength ratings (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of Bermuda-based Quanta Reinsurance Ltd. (Quanta Re) and its...
La. Commissioner Unveils Hurricane Mediation Program
Dec 27 2005 // Louisiana residents whose Hurricane Katrina or Hurricane Rita insurance claims are in dispute will soon be offered a possible solution at no cost to them, according to the Louisiana Department of Insurance. Commissioner of...
Details of PXRE’s Securitzation for “Second Event Protection”
Dec 27 2005 // Bermuda’s PXRE Group Ltd. has given details of its $250 million collateralized transaction with Atlantic & Western Re II Limited, a Cayman Island reinsurance company. The agreement is designed to provide...
2005 Hurricane Losses to Top $57 Billion, Advisen Reports
Dec 27 2005 // New York-based Advisen Ltd. has released an estimate that worldwide insurance and reinsurance losses related to the three major hurricanes that hit the United States this year would amount to $57.6 billion, making the...
S&P Affirms OIL’s ‘A-‘ Rating, Off CreditWatch; Outlook Stable
Dec 22 2005 // Standard & Poor’s Ratings Services announced that it has affirmed its “A-” counterparty credit and financial strength ratings on petroleum industry mutual insurer Oil Insurance Ltd. (OIL) and removed...
Hurricane-Impacted Floridians Eligible for Income Tax Relief
Dec 22 2005 // Tax and time relief measures are available to Floridians impacted by this year’s hurricanes according to Tom Gallagher, Florida CFO. “Many hurricane victims are still struggling to repair their homes and...
La. to Launch Mediation Program for Consumers With Hurricane-Related Insurance Disputes
Dec 22 2005 // Louisiana Commissioner of Insurance Robert Wooley will hold a press conference on Thursday, December 22, 2005, at 1:00 p.m., to announce the launch of the Louisiana Hurricane Mediation Program. The press conference will...
If Assistance Bill Survives, Miss., La. Could Receive Billions to Recover From Katrina
Dec 21 2005 // If the Hurricane Recovery Assistance Bill survives the U.S. Senate, Mississippi could receive a significant share of the $29 billion assistance, according to Sen. Thad Cochran, R-Miss. The senator said he has negotiated a...
Estimates in Swiss Re <em>sigma</em> Study Confirm 2005 as Costliest Ever
Dec 21 2005 // Ever since Hurricane Katrina devastated New Orleans, 2005 looked certain to be a record-breaking year for insured losses. Swiss Re’s newly issued sigma report has now confirmed the sad fact. According to preliminary...
Gov. Bush Opposes Bailing Out Citizens With Tax Revenue; Suggests Using Reserve Fund
Dec 21 2005 // The state received an $800 million sales tax windfall from hurricane reconstruction last year, but Florida Gov. Jeb Bush said Tuesday that he’s against using any public dollars to bail out the state-created insurer...
National Newsbriefs
Dec 19 2005 // House Passes Terrorism Insurance Bill: Legislation that will extend the 2002 Terrorism Risk Insurance Act for an additional two years passed the House of Representatives floor by a vote of 371 to 49. The Senate already...
Hurricane Katrina Leads to Large Number of Claims, Frustration
Dec 19 2005 // While Hurricane Katrina spent only a couple of days menacing the Gulf Coast, the trail of destruction in both lives and properties lingers on months later. As places like New Orleans, Mississippi and other surrounding...
Insurance Commissioners Push Framework for National Cat Program
Dec 19 2005 // Insurance regulators, on the heels of the National Catastrophe Insurance Summit in Burlingame, Calif., in November, are peddling the framework for a national catastrophe insurance program they say would protect U.S....
Lloyd’s Hurricane Losses Top $ 5 Billion
Dec 19 2005 // In an updated statement, Lloyd’s acknowledged that it now estimates the London market’s combined losses from the three hurricanes that struck the U.S. will exceed $5 billion. The new figures are based on the...
Five Major Hurricanes Expected in 2006
Dec 19 2005 // Seventeen named storms could strike the Atlantic basin next year, with nine developing into hurricanes, if predictions by William Gray and Philip Klotzbach of Colorado State University based in Ft. Collins come true. They...
Preparing for Worst, Cat Modelers Say More Destruction Ahead
Dec 19 2005 // Florida has survived eight hurricanes in 15 months, but more destruction is coming, according to risk modeling companies and economists speaking at the National Catastrophe In-surance Summit in Burlingame,...
Insurance Actuaries Prepared for Even More Damaging Hurricanes
Dec 19 2005 // Despite the unprecedented nature of the four hurricanes making landfall in Florida in 2004 and the huge disasters spawned in the Gulf of Mexico in 2005, panelists at the recent annual meeting of the Casualty Actuarial...
