Hurricane - Latest Insurance News

Louisiana High Court Keeps Katrina Decision

Aug 21 2008 // The Louisiana Supreme Court refused July 8 to reconsider its recent ruling that an insurance company isn’t liable for water damage from the failure of levees in Hurricane Katrina’s aftermath. The court ruled in...

Cleaning Up After Hurricane Katrina

Aug 21 2008 // In both Mississippi and Louisiana, the principal argument in support of the alleged ambiguity was that the flood waters during Hurricane Katrina were pushed ashore by wind, a covered peril, and the flood exclusion did not...

Insured Property Value in Coastal States to Double in 10 Years

Aug 21 2008 // In the past three years, the insured value of properties in coastal areas of the United States continued to grow at a compound annual growth rate of just more than 7 percent, according to a new report released by AIR...

By Charles E. Boyle

Aug 21 2008 // From Novelty to Necessity: Bermuda’s Insurance Market 2008 Bermuda’s insurance industry has grown steadily since it began 50 years ago. It is now a mature market, and, in certain sectors – natural...

Tropical Storm Fay Reaches Florida, Fails to Reach Hurricane Status

Aug 19 2008 // Tropical Storm Fay remained at tropical storm status when it arrived on Florida’s mainland. As of 8 a.m. EDT (Aug. 19), Fay’s center was north of Immokalee and about 20 miles south of LaBelle and moving toward...

UPDATE: Tropical Storm Fay Remains on Course for Florida

Aug 18 2008 // As of 11:00 a.m. EDT the center of Tropical Storm Fay was about 70 Miles (115 kms) south-southeast of Key West Florida and about 65 miles (103 kms) east-northeast of Havana Cuba. Florida’s governor has declared a...

Florida Financial Chief Urges Storm Preparedness

Aug 18 2008 // Florida Chief Financial Officer and State Fire Marshal Alex Sink urged Floridians to continue to monitor and prepare for Tropical Storm Fay including taking the necessary financial and fire safety precautions to weather...

ReAdvisory Issues Analysis of Fay as she Approaches Florida Mainland

Aug 18 2008 // In a report issued Aug. 17, ReAdvisory, a modeling and risk assessment service of reinsurer Carvill America Inc., said Tropical Storm Fay became the sixth named storm of the 2008 hurricane season early on the evening of...

Tropical Storm Fay Crosses Cuba; Heading for Florida

Aug 17 2008 // Miami’s National Hurricane Center is closely tracking Tropical Storm Fay, as it passes over Cuba. Storm warnings are in effect for most of the island, as well as the Cayman Islands The NHC reported early Sunday...

Florida Regulators May Reject State Farm Rate Increase

Aug 14 2008 // A State Farm rate increase appears in jeopardy after regulators grilled company officials for hours about a request to jack up rates in Florida by 47.1 percent. Florida’s insurance consumer advocate office told...

FM Global: Companies Exposed but Underprepared for Natural Disasters

Aug 8 2008 // Most of the largest corporations in North America are exposed to natural disasters, but many are not well-prepared for such catastrophes and are not overly concerned about the potential business impact, according to a new...

Colorado Climatologist Raises Hurricane Forecast

Aug 8 2008 // Noted hurricane researcher William Gray, a former Colorado State University climatologist, has revised his Atlantic forecast upward and now calls for a total of nine hurricanes this season — an increase of one. Gray...

350,000 Floridians Need to Reapply for Hurricane Insurance

Aug 7 2008 // The state-created corporation that’s become Florida’s largest property insurer says about 350,000 wind-only policyholders will have to reapply for coverage over a yearlong period that begins in February. The...

Damage From Tropical Storm Edouard Minimal

Aug 6 2008 // Tropical Storm Edouard hit the Texas Gulf coast east of Galveston Aug. 5 with strong winds and heavy rain, but did little more than soak the travelers who came to relax on the tourist town’s beaches. The National...

Edouard Brings Rain, High Winds to Southeast Texas

Aug 5 2008 // Tropical Storm Edouard made landfall in Southeast Texas this morning between High Island, just east of Galveston, and Port Arthur, near the Louisiana border. The National Hurricane Center had expected the rapidly...

Tropical Storm Edouard Heads for Texas/Louisiana Coast

Aug 4 2008 // A swiftly developing Tropical Storm Edouard is expected to make landfall very near the upper Texas coast or the coast of southwestern Louisiana by Tuesday, Aug. 5, the National Hurricane Center reported. As of Monday...

Storm Edouard Shuts Gulf Coast Oil Port, Disrupts Shipping

Aug 4 2008 // Tropical Storm Edouard forced shut a huge U.S. offshore oil port, a refinery, some oil production and disrupted shipping as the storm raced toward the Texas-Louisiana coast Monday. Energy companies evacuated staff from...

Insurers, Agents Urge Coastal Wind Policy from Texas to Maine

Aug 4 2008 // Travelers, Nationwide Mutual and two leading national insurance producer organizations are supporting a plan they say will make private windstorm insurance more affordable and available in coastal areas. Federal...

Damage Costs from Hurricane Dolly May Reach $750M

Aug 4 2008 // Catastrophe risk specialist RMS says the insurance bill for damage from Hurricane Dolly, which hit Southwest Texas on July 23, may go as high as $750 million, while Boston-based AIR World-wide estimates damages between...

Insurance Agents, Travelers, Nationwide Urge Coastal Wind Policy