Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Light Earthquake Confirmed in Southern California
Jan 26 2023 // A light earthquake centered offshore gave Southern California an early morning wake-up call Wednesday, the U.S. Geological Survey confirmed. There were no reports of damage. The 2 a.m. quake occurred beneath the ocean 10.6...
Tornado Causes Damage East of Houston
Jan 26 2023 // PASADENA, Texas (AP) – A powerful storm system took aim at the Gulf Coast on Tuesday, spawning a tornado that downed utility poles and power lines, overturned vehicles and ripped roofs off homes and businesses in...
Attorney for La. Insurer Says Firm Working with Contractors to Find New Hurricane Claimants
Jan 25 2023 // An insurance defense attorney accuses the McClenny Moseley & Associates law firm of teaming up with restoration contractors to illegally acquire clients, which sometimes resulted in duplicate lawsuits being filed...
Entergy Louisiana Customers to Cover $1.5B for Hurricane Ida Repairs
Jan 23 2023 // METAIRIE, La. (AP) – About a million customers of an electric utility in Louisiana will cover more than $1.4 billion in repair costs related to Hurricane Ida. Entergy Louisiana said residential customers will see about...
$930M to Curb Western U.S. Wildfires Crisis
Jan 23 2023 // The U.S. is directing $930 million toward reducing wildfire dangers in 10 western states by clearing trees and underbrush from national forests, the Biden administration announced Thursday, as officials struggle to contain...
January Renewals See Hardest Property-Catastrophe Reinsurance Rates in a Generation
Jan 23 2023 // A convergence of global events has led to the hardest property catastrophe reinsurance market in a generation and a “complex,” “grueling” and “late” January renewal season, which went...
Insurers Agree to Extend ALE Coverage for Colorado Wildfire Survivors
Jan 19 2023 // Insurers agreed to a request from the Colorado Division of Insurance to extend additional living expenses coverage for Marshall Fire survivors. Homeowners’ insurance companies have agreed to extend coverage for up to...
Disaster Assistance Funds Available for Georgia Housing and Repairs After Tornadoes
Jan 19 2023 // The Federal Emergency Management Agency says that disaster assistance has been made available to Georgia in areas struck by a tornado outbreak across the South on Thursday. In an announcement Tuesday, FEMA said that...
AM Best Downgrades California Earthquake Authority Credit Ratings
Jan 18 2023 // AM Best downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of California...
Insurance 101: Understanding Catastrophe Bonds (CAT Bonds)
Jan 18 2023 // This post is part of a series sponsored by AgentSync. Since the mid ’90s, insurers have used catastrophe bonds (CAT bonds) to provide a financial safety net in response to cataclysmic events like hundred-year floods,...
Alabama Survivors Hid in Tubs, Shipping Containers as Tornado Tore Through Homes
Jan 17 2023 // An Alabama engine mechanic took refuge in a shipping container as a tornado decimated his shop and killed two of his neighbors along its destructive path across Alabama and Georgia. The harrowing stories of David Hollon...
7 Deaths, Severe Damage in Alabama as Tornadoes Rip Across the Southeast
Jan 13 2023 // At least seven people were killed in central Alabama and more are missing after tornadoes and severe storms left a swath of damage across parts of the South. Local news reports said that a large tornado ripped through...
New Mexico Delegation Seeks Changes to Wildfire Aid Rules
Jan 11 2023 // New Mexico’s congressional delegation says the U.S. government should make changes to rules proposed for processing damage claims stemming from a historic wildfire sparked by forest managers. The delegation sent a...
Cat Bond Investors Demand Higher Premiums as Weather Becomes More Extreme
Jan 11 2023 // Investors in the $35 billion catastrophe bond market are demanding the highest premiums in years to cover issuers against disasters, as weather events become more extreme while interest rates rise. Margins on new issuances...
New Louisiana Laws Require Hurricane Mediation Program, Catastrophe Response Plan
Jan 10 2023 // Louisiana lawmakers passed several bills last legislative session in response to insurers’ handling of recent natural disasters, five of which went into effect Jan. 1, 2023. The legislation resulted from a shaken...
Hurricanes and Floods Bring $120B in 2022 Insurance Losses: Munich Re
Jan 10 2023 // Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more...
California – Mega Catastrophe Ground Zero
Jan 9 2023 // California’s destructive Christmas Eve and January storms are a grim reminder that the state is perilously exposed to massive flooding. A paltry 215,000 Californians—less than 2 percent of the state’s...
Hawaii’s Kilauea Volcano Erupts Again, Summit Crater Glows
Jan 9 2023 // Hawaii’s Kilauea began erupting inside its summit crater, the U.S. Geological Survey said, less than one month after the volcano and its larger neighbor Mauna Loa stopped releasing lava. The Hawaiian Volcano...
Beazley Launches Global Re/insurance Market’s First Cyber Catastrophe Bond
Jan 9 2023 // Specialist insurer Beazley has launched the global insurance market’s first cyber catastrophe bond. The $45 million bond gives Beazley indemnity against all perils in excess of a $300 million catastrophe event, with...
Insured Damages in Canada From Hurricane Fiona Now Top C$800M
Jan 6 2023 // Insured damages from Hurricane Fiona are now estimated at over C$800 million (US$591.2 million), according to the Insurance Bureau of Canada (IBC), quoting the Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane...
