Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Allianz Sponsors Catastrophe Bond for European Windstorm Risks
Dec 20 2023 // Allianz has sponsored a new catastrophe bond which will provide the group with multi-year risk transfer capacity of €250 million to protect itself against European windstorms. Allianz entered into a three-year...
Hawaii Governor’s First Budget After Maui Wildfire Includes Funds for Recovery and Fire Prevention
Dec 20 2023 // Hawaii Gov. Josh Green said he was requesting $425 million from lawmakers during the next fiscal year to help Maui recover from August’s wildfires, and millions more to reduce the risk of wildfires statewide. The...
Death Toll Climbs in China’s Worst Earthquake in Nearly a Decade
Dec 20 2023 // The death toll from China’s worst earthquake since 2014 rose to more than 130 as the government sent a top official to oversee recovery efforts. Some 113 people were killed in mostly rural areas of Gansu province and...
Expert: ‘Active Year Worldwide’ for Rapid Hurricane Intensification
Dec 19 2023 // While only three hurricanes made landfall in the United States this year, rapidly intensifying hurricanes in the Atlantic and Pacific oceans charted near the top of record lists in 2023. Each of the year’s major...
Child Survives After Tennessee Tornado Threw Him into a Tree
Dec 19 2023 // CLARKSVILLE, Tenn. (AP) — A 4-month-old boy has survived after a tornado in Tennessee sucked him up from his family`s mobile home, which was demolished in the storm. Sydney Moore told WSMV-TV that when the tornado...
Initial Insured Losses for Windstorm Ciarán (aka Emir) Estimated at €1.9B: PERILS
Dec 18 2023 // Initial industry losses for extratropical windstorm Ciarán, also known as Emir, are estimated at €1.9 billion (US$2.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
Hurricane Season May be Over, but High Winds Still Lashing South Florida
Dec 18 2023 // FORT LAUDERDALE, Fla. (AP) — It’s beginning to look at lot like … hurricane season — at least across much of South Florida, where it’s been windy and rainy for two days and the forecast...
UK at High Risk of ‘Catastrophic’ Cyberattack Affecting Critical Infrastructure: Report
Dec 15 2023 // The UK is at high risk of a “catastrophic” ransomware attack that could bring critical national infrastructure to a standstill and cost the country tens of billions of pounds, according to a parliamentary...
New Research Shows Renters Are Hit the Hardest When a Hurricane Strikes
Dec 15 2023 // Newswise — With a severe shortage of affordable housing in the United States, renters living along the East and Gulf coasts are uniquely vulnerable to hurricane disasters. Two new studies based on data from 2009 to 2018...
Warmer Winters Could Mean More Tornadoes in December, Like Those in NC, TN
Dec 14 2023 // Residents of Garner, North Carolina, have spent the week cleaning up after an F1 tornado damaged more than 20 homes and left four of them uninhabitable. The Raleigh News & Observer reported that warmer winters already...
Markets/Coverages: MGA Optio and Insurer Partner AmFirst to Offer Political Violence & Terrorism Cover
Dec 12 2023 // Optio Group, the London-based specialty managing general agent (MGA), announced it has entered into an agreement with a new insurer partner to provide underwriting capacity for political violence and terrorism (PVT)...
Typhoon That Hit China’s Ports Provides Wakeup Call for Climate Risk to Markets
Dec 12 2023 // As Typhoon Doksuri aimed toward mainland China, major southeast ports were forced to turn away dozens of vessels for days. The storm, supercharged by the warm July waters of the Pacific, delivered Beijing’s worst...
Report: Kentucky Fund Made $239,000 in Erroneous Tornado Relief Payments
Dec 7 2023 // FRANKFORT, Ky. (AP) — A report released Tuesday by state officials on the disbursement of Kentucky`s tornado relief fund found that it sent out about $239, 000 in mistaken payments. The review of the fund by State...
Magnitude 5.1 Earthquake Felt Widely Across Big Island of Hawaii
Dec 6 2023 // A magnitude 5.1 earthquake on the Big Island of Hawaii was felt widely, but there were no reports of damage or injury, officials said. The earthquake hit at 5:54 p.m.on Monday near the Kilauea volcano at a depth of 1 mile...
Hailstorm Claims Risk Undermining Solar Energy, Insurer Says
Dec 6 2023 // Solar farms around the world are under threat due to costly hailstorm-related claims, according to renewable energy underwriter GCube Insurance. Hail was the costliest category for insurance claims by the renewables...
NOAA: 2023 Atlantic Hurricane Season Ranks 4th for Most-Named Storms
Dec 5 2023 // Ending on Nov. 30, the 2023 Atlantic hurricane season saw 20 named storms, ranking fourth for the most-named storms in a year since 1950, the National Oceanic and Atmospheric Administration (NOAA) said. Seven storms were...
Insurance, Cat Bonds Can Help Boost Poorer Countries’ Resilience to Climate Risks
Dec 1 2023 // Low-income countries are struggling to access insurance, catastrophe bonds and other hedging mechanisms that could help protect them from the economic fallout of climate change, industry sources told Reuters. Helping these...
Oregon Regulator to Investigate Pacificorp’s Request to Limit Wildfire Liability
Nov 30 2023 // Oregon’s utility regulator this week said it would investigate a petition by PacifiCorp to limit its liability from future wildfire-related lawsuits, delaying a decision on the power provider’s request by as...
People Moves: Markel Appoints Howden’s Woodhouse for War and Terrorism Team; Costero Brokers Taps Marsh’s Olley as Cyber Divisional Director
Nov 29 2023 // This edition of International People Moves details appointments at Markel and Costero Brokers. A summary of these new hires follows here. Markel Appoints Howden’s Woodhouse for War and Terrorism Team Markel, the...
AXIS Capital Sponsors First Cyber-Catastrophe Bond Issued in Public Debt Markets
Nov 29 2023 // For the first time, a cyber-catastrophe bond has made its way into public debt markets. Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by AXIS Capital, to insure against “a...
