Latest Natural Disasters Headlines
All the headlines from our Natural Disasters Topic Page, ordered by recency.
Swiss Re Hurricane Report Stresses Risk Analysis
Nov 23 2004 // Swiss Re’s recently issued report on the 2004 hurricane season stresses that, although the number of storms may have been extraordinary, “the impact on insurers has been controllable through a process of...
Okla. Approves NCCI Values for Terrorism, Catastrophes
Nov 22 2004 // Oklahoma’s State Board for Property and Casualty Rates announced its approval of NCCI’s Item B-1393—Miscellaneous Values for Domestic Terrorism, Earthquakes, and Catastrophic Industrial Accidents. The purpose...
Information Institute Data Shows 2004 Hurricanes Broke All Records
Nov 22 2004 // Newly released information ranks all four of this season’s hurricanes among the top 10 costliest U.S. hurricanes in the past 25 years. And, taken together, the cost of this season’s storms edges out the cost of...
Hurricane Spitzer to Take London by Storm
Nov 22 2004 // QUOTE:This will impact every underwriter in Lloyd’s and most in London, given the distribution chain they inhabit. There’s still some sense of disbelief here in London at the moment. Hurricane Spitzer seems to...
2004 HURRICANE SEASON NOT SO UNUSUAL AFTER ALL:
Nov 22 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...
Six N.C. Homeowners Dispute Denial of Hurricane Ivan Damage Claims
Nov 19 2004 // Six residents in Peeks Creek, N.C. where four people died in a Hurricane Ivan-triggered landslide have hired lawyers to represent them after being denied insurance claims. Fifteen houses were damaged or destroyed in Peeks...
La. DOI Final Estimate of Hurricane Ivan Damages Totals Nearly $7.9 Million
Nov 17 2004 // Commissioner of Insurance Robert Wooley announced that the Louisiana Department of Insurance’s final estimate of Hurricane Ivan damage in Louisiana is $7,868,750.00. That figure is based on a reported 3,760 claims...
Nationwide Estimates Florida Hurricane Losses at $850 Million Pre-Tax
Nov 15 2004 // Ohio-based Nationwide Mutual Insurance Company and its P/C affiliates have issued an estimate of the losses and loss adjustment expenses from Hurricanes Charley, Frances, Ivan, and Jeanne of approximately $850 million on a...
CFO Gives Hurricane Response Status Report; Fla. Mediation Begins Nov. 22
Nov 12 2004 // Following a recent emergency rule setting deadlines for processing claims there have been almost 17 percent fewer calls from consumers experiencing delays when dealing with an adjuster, according to the Florida Department...
Benfield Report Looks at 2004 Hurricane/Typhoon Season and Destruction Left Behind
Nov 10 2004 // Between Atlantic hurricanes and Pacific typhoons, the 2004 storm season has already generated record catastrophe (CAT) losses which will reportedly encourage many insurers to rethink their CAT reinsurance coverage. The...
Calif. Senator to Hold Hearing for Wildfire Victims to Voice Issues with Industry
Nov 10 2004 // Community Assisting Recovery, CARe, a nationally recognized non-profit disaster recovery assistance organization, announces that survivors of the 2003 California wildfires and their more fortunate neighbors will be able to...
Fla. Subpoenas Marsh; Hurricane Victims Could Receive Extension
Nov 9 2004 // In an effort to obtain a better look at insurance contracts with state agencies and any impact on public dollars, Tom Gallagher, Florida Chief Financial Officer, has subpoenaed Marsh & McLennan for documents related...
Big ‘I’ Panelists Concerned About Terrorism, Asbestos, Tort Reform
Nov 8 2004 // Terrorism, asbestos and tort reform will be key industry concerns according to five insurance company CEOs participating in a panel discussion during last month’s Independent Insurance Agents & Brokers of...
ISO: INSURERS WILL PAY ESTIMATED $3.245 BILLION ON HURRICANE JEANNE CLAIMS:
Nov 8 2004 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.245 billion for insured property losses from Hurricane Jeanne, according to preliminary estimates by ISO’s Property Claim...
Underinsured Homeowner Problem Revisited on Anniversary of Calif. Wildfires
Nov 8 2004 // Replacement cost, policy limits, and non-renewal of policies were the source of a heated debate in a day-long hearing investigating underinsured homeowners affected by last year’s wildfires. California Insurance...
AIG’s Terrorism Protection Portfolio Includes Biological and Chemical Attack Coverage
Nov 5 2004 // The AIG Companies have launched LexHomeland Protector, a comprehensive terrorism insurance portfolio designed to help protect businesses against terrorism risks, including losses arising from biological and chemical...
N.J. Man Full of ‘Hot Air’ as Proposed Hurricane Product Leads to Fraud Sentence
Nov 5 2004 // A Brick Township, New Jersey man has been sentenced to 30 months in federal prison for committing mail fraud while fraudulently inducing people to invest in his companies that purported to market and sell “hurricane...
Hurricanes Drive $12.6 Million Q3 Loss at Horace Mann
Nov 4 2004 // The four hurricanes that ravaged the Southeast resulted in a net $12.6 million third-quarter loss for Springfield, Ill.-based insurer Horace Mann Educators Corp. The company has made a profit of $28 million, or 65 cents...
MarketScout: Bid Rigging, Incentive Commissions, Hurricanes and a Presidential Election Impact P/C Market
Nov 4 2004 // According to Richard Kerr, chairman and CEO of MarketScout, an online insurance exchange with more than 50,000 users, the October 2004 composite rate for U.S. property and casualty insurance is 2%, down from 12% in October...
AIR Analysis Says 2004 Hurricane Season Not So Unusual After All
Nov 3 2004 // According to an analysis conducted by AIR Worldwide (AIR), a risk modeling company, the 2004 hurricane season should not be considered rare. The analysis, based on the AIR hurricane model, revealed that insurers should...
