Latest Natural Disasters Headlines
All the headlines from our Natural Disasters Topic Page, ordered by recency.
IIABA Pens Letter to U.S. Senate Chairman to Commend Pursuit of Terrorism Reinsurance Legislation
Oct 1 2002 // In a letter to the United States Senate and Chairman Paul Sarbanes, the Independent Insurance Agents & Brokers of America (IIABA) is commending the Chairman in seeking a quick resolution to the present terrorism...
Pres. Bush Tells Lawmakers to Agree on Terrorism Legislation Within 3 Days
Oct 1 2002 // Noting that time was of the essence, President Bush has given lawmakers three days to come to an agreement on legislation guaranteeing businesses affordable terrorism insurance, according to the Associated Press. Bush...
Hurricane Update – Isidore, Lili and Kyle
Sep 26 2002 // Tropical storm Isidore came ashore in southern Louisiana around 1:00 a.m. this morning, hitting the New Orleans area with heavy rains and high winds, but so far causing only relatively minor damage. One small tornado was...
Indiana Tornado Losses Will Prove Costly
Sep 25 2002 // The tornadoes that ripped through Indiana last week will prove costly. Preliminary estimates put the costs of repairing the damages in Marion County alone at $29,797,800. An article in the Indianapolis Star reported that a...
Primary Carriers Note Restrictions on Personal Lines Terrorism Reinsurance
Sep 25 2002 // Property & Casualty insurers are reporting that reinsurers are imposing a number of the same types of terrorism exclusions and limitations in personal lines that are being put into action for commercial lines. The...
NAII Pens Letter to Congress for federal terrorism reinsurance backstop
Sep 24 2002 // Insurance markets for terrorism coverage remain troubled particularly for commercial property, workers’ compensation and group life markets, according to the National Association of Independent Insurers (NAII)....
Indiana Tornado Causes Widespread Damage, No Lives Lost
Sep 23 2002 // A series of powerful tornadoes ripped through central Indiana on Friday afternoon causing widespread damage, but miraculously no lives were lost and no serious injuries were reported. The storms, which are unusual at this...
Hurricane Isidore Hits Yucatan, Killing 4, May Move North
Sep 23 2002 // Hurricane Isidore smashed into Mexico’s Yucatan Peninsula on Sunday, packing 110 mph winds and dropping 12 to 20 inches of rain in some spots. Four persons were reported killed in storm related auto accidents. After...
RMS Unveils Game Theory-Based Terrorism Risk Model
Sep 19 2002 // Risk Management Solutions (RMS), has launched its U.S. Terrorism Risk model, a model designed to assist property, workers’ compensation, and life insurers and reinsurers in quantifying the risk from catastrophic...
Terrorism Insurance Remains Elusive
Sep 12 2002 // Terrorism coverage remains limited to large commercial property holders, one year after the Sept. 11 attacks, according to an article in the Washington Post. American International Group (AIG) CEO Maurice Greenberg said...
So. Korea Insurers Estimate Typhoon Claims at $130 Million
Sep 10 2002 // South Korea’s property/casualty insurers have estimated that they will pay 156.3 billion won (around $130 million) in claims for damages caused by typhoon Rusa, which struck the country last week (See IJ Website...
$20 Million Damage Estimate from Wisconsin Tornado
Sep 5 2002 // A tornado that ripped through the town of Ladysmith in Wisconsin’s Rusk County on Labor Day caused an estimated $20 million in damages. According to a report from the Associated Press local authorities estimated the...
AIR Releases Terrorism Loss Estimation Model
Sep 4 2002 // Boston-based AIR Worldwide, which is now a subsidiary group within the ISO, announced the release of the “AIR Terrorism Loss Estimation Model.” “The new catastrophe model, the first commercially available...
At Least 50 Die as Typhoon Ravages So. Korea
Sep 2 2002 // Typhoon Rusa battered the So. Korean peninsula over the weekend with 130 mph winds and torrential rains, leaving at least 50 persons dead and many more missing, in what authorities described as the most severe storm in 40...
Exclusions Persist as Congress Debates Federal Terrorism Backstop Legislation
Sep 2 2002 // Nearly a year after the Sept. 11 terrorist attacks, the issue of federal insurance backstop legislation to protect carriers against future losses stemming from more attacks remains a crucial yet unresolved issue for the...
Exclusions Persist as Congress Debates Federal Terrorism Backstop Legislation
Sep 2 2002 // Nearly a year after the Sept. 11 terrorist attacks, the issue of federal insurance backstop legislation to protect carriers against future losses stemming from more attacks remains a crucial yet unresolved issue for the...
AAI Rebuts WSJ Commentary Questioning Need for Federal Terrorism Backstop
Aug 20 2002 // David Farmer, senior vice president of federal affairs for the Alliance of American Insurers, has sent a letter to the editor of the Wall Street Journal. In it, he rebuts a commentary the newspaper published by Holman W....
CDS Makes Wildfire Hazard Model Available for Calif.
Aug 19 2002 // CDS Business Mapping, a source for online hazard mapping, has launched its Wildfire Hazard Model for California. The new service allows property insurers to perform brushfire lookups quickly and accurately, saving time and...
Miami Hurricane Damage Could Cost $80B
Aug 19 2002 // A direct hit on downtown Miami by the most powerful type of hurricane could cause $80 billion in damage, far exceeding that of Hurricane Andrew, the costliest natural disaster in U.S. history, an insurance industry group...
Study Says Terrorism, Pricing and Capacity are Major Industry Challenges
Aug 16 2002 // A new study released by National Marketing Services finds that executives of major reinsurers and carriers believe terrorism, pricing and capacity are the major challenges currently facing the industry. The new study,...
