Latest Natural Disasters Headlines
All the headlines from our Natural Disasters Topic Page, ordered by recency.
SPIR Meets Increasing Demand for Terrorist Cover
Dec 27 2002 // Special Risk Insurance and Reinsurance Luxembourg S.A. (SRIR), established last March by Germany’s Allianz AG, several other European insurers and Bermuda’s XL Capital, offers property and business interruption...
California Earthquake Authority Shuns Offshore Entities
Dec 26 2002 // The California Earthquake Authority decided it will no longer conduct business dealings with U.S. companies that relocate in name only to offshore tax havens. According to the Sacramento Bee, state Treasurer Phil Angelides...
AAI Pleased with Second Interim Guidance on Terrorism Insurance
Dec 20 2002 // The U.S. Treasury Department’s second set of guidelines to aid insurers in complying with the Federal Terrorism Risk Insurance Act, issued Dec. 18, addresses insurer participation in general, scope of coverage,...
IIAANY Provides Online Terrorism Insurance Kit to Members
Dec 19 2002 // The Independent Insurance Agents Association of New York Inc. (IIAANY) announced it will offer an electronic kit to member agents explaining how the recently passed Terrorism Risk Insurance Act would affect them. Available...
Alliance, NAII Host Meeting on Terrorism Risk Act Implementation
Dec 16 2002 // The success of the newly enacted federal Terrorism Risk Insurance Act hinges on how smoothly the implementation process will be for insurers faced with a number of compliance issues. Enactment of the new legislation...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
Carriers Scramble to Comply with Terrorism Risk Insurance Act
Dec 16 2002 // The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling, and many insurers are finding themselves with remarkably little time in which to comply with the new...
AAI Pleased With Early Action by Treasury, NAIC on Terrorism Insurance
Dec 10 2002 // The Alliance of American Insurers (AAI) says it is pleased with the initial steps taken by the U.S. Department of the Treasury in the implementation of the terrorism insurance legislation signed by the President...
Morris, Manning & Martin Forms Terrorism Insurance Group
Dec 9 2002 // The law firm of Morris, Manning & Martin, LLP, has established a new practice group focusing on terrorism’s impact on the insurance industry. Attorneys in the group will closely monitor and advise clients on the...
ISO Files Policy Forms and Rules for Insurers to Meet Terrorism Coverage
Dec 6 2002 // Insurance Services Office, Inc. (ISO) has filed with all state insurance regulators the commercial insurance policy forms carriers can use to sell terrorism coverage. The new ISO-developed forms contain standardized policy...
NAII Praises Treasury’s Quick Action on Terrorism Guidance
Dec 5 2002 // The Treasury Department has announced interim guidance for the insurance industry in meeting certain requirements under the Terrorism Risk Insurance Act of 2002. Treasury Under Secretary Peter Fisher, joined by Terri...
ISO Says Insurers’ Losses from Seven-State Tornado Damage Stand at $460M
Dec 4 2002 // Insurers are expected to pay homeowners and businesses $460 million for insured-property losses from the rash of tornadoes, strong thunderstorm winds and hail that struck seven states on Nov. 9-10, according to preliminary...
NAIC Adopts Terrorism Bulletin One Week Prior to San Diego Meeting
Nov 29 2002 // In an interim meeting this week, the National Association of Insurance Commissioners (NAIC) adopted a bulletin that outlines regulators’ expectations regarding filing of rates, policy form language and disclosure...
China Extends Airline Terrorism Coverage
Nov 26 2002 // The Chinese government announced on Monday that it was extending insurance coverage of war and terrorist risks for the country’s airlines for an additional month, until December 24, 2002. The coverage was first made...
Pres. Bush Signs Terrorism Risk Act into Law
Nov 26 2002 // President George W. Bush signed into law, H.R. 3210, the Terrorism Risk Insurance Act of 2002, Tuesday. “Since its introduction, the Terrorism Risk Insurance Act, has gone over a lot of tough hurdles. Had it not been...
CIAT Views Backstop to Increase Availability, Reduce Cost of Terrorism Risk Coverage
Nov 26 2002 // The Coalition to Insure Against Terrorism (CIAT) announced its support with Tuesday’s signing by President George W. Bush of the Terrorism Risk Protection Act of 2002. Spokesperson Martin DePoy, vice president for...
RMS ESTIMATES WINDSTORM JEAN-ETT CAUSED MAJOR FINANCIAL IMPACT
Nov 25 2002 // California-based Risk Management Solutions Inc. (RMS), announced that the windstorm, designated Jeanett, which has hit the U.K., France, and the rest of northern Europe in late October, could cause up to 1 billion Euros...
NAII Praising Senate for Including Risk-Sharing Mechanisms in Terrorism Reinsurance Bill
Nov 22 2002 // The Senate’s recent approval of H.R. 3210, the Terrorism Risk Insurance Act of 2002, puts the bill on the desk of President Bush, who is expected to sign the legislation Dec. 2. The new legislation creates a...
Fitch Says Terrorism Bill a Mix Blessing for U.S. Insurers
Nov 22 2002 // Fitch Ratings commented that while the passage of a much anticipated terrorism insurance bill is overall a favorable development for the U.S. economy, and benefits the insurance industry, the passage of the bill will...
AAI Lauds Senate Approval of Terrorism Legislation
Nov 20 2002 // Alliance of American Insurers President Rodger Lawson, is praising Tuesday’s Senate passage of the Terrorism Risk Protection Act Conference Report, HR 3210, as “another important step on the road to insurance...
