Latest Hurricane Headlines
All the headlines from our Hurricane Topic Page, ordered by recency.
ICT: $1.5B Paid on Hurricane Rita Claims in Texas
Mar 6 2006 // The Insurance Council of Texas reported that insurance companies have settled 90 percent of property claims in Texas that were the result of the devastation caused by Hurricane Rita that struck in late September...
Best Affirms FSR for Lloyd’s Syndicate 1225; Outlook is Stable
Mar 6 2006 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of A (Excellent) and issuer credit rating (ICR) of “a” of Lloyd’s Syndicate 1225 (United Kingdom), which is managed by AEGIS Managing Agency...
Fort Myers Inn to Pay $16,000 to Settle Wilma Fleecing Claims
Mar 6 2006 // Attorney General Charlie Crist has announced that his office has reached an agreement with a Lee County hotel resolving the first price-gouging case filed by the Attorney General’s Office related to Hurricane Wilma....
Insurance Trade Group Sees Storm Brewing in Texas
Mar 6 2006 // Hurricane season is just a few short months away and the head of a Texas-based insurance trade group already sees some dark clouds on the horizon. “The Texas Windstorm Insurance Association is considerably under...
Windstorm panelists: Carriers hesitant to write policies in Florida
Mar 6 2006 // A panel of eight insurance experts agreed unanimously that carriers are closely scrutinizing Florida and are hesitant to renew homeowners policies. Bill Bailey, director of the Hurricane Insurance Information Center,...
Allied World Posts $23.9 Million Q4 Net Loss; $159.8 Million Full Year
Mar 3 2006 // Bermuda-based Allied World Assurance Holdings, Ltd. has reported a net loss of $23.9 million for the fourth quarter 2005, compared to net income of $103 million for the fourth quarter 2004. The net loss for the twelve...
I.I.I. Says Flood-Damaged Cars from Katrina May Surface on Used Car Lots
Mar 2 2006 // An estimated 500,000 cars were damaged by hurricanes last year. Unfortunately, many of these vehicles have been purchased by dishonest auto dealers, cleaned up and then sold, with their flood damage history illegally...
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...
