Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Do Actuarial Models Influence P/C Underwriting Cycle?
Dec 9 2011 // Property/casualty insurance is noted for the sharp rise and fall of its rates – the underwriting cycle. As actuaries have developed more sophisticated statistical and computer models to help understand complex insurance...
Insured Losses from Bastrop, Texas, Wildfire Rise to $325M
Dec 8 2011 // More than half of the homeowner insurance claims have been settled in the Bastrop (Texas) Complex Wildfire that occurred over the Labor Day weekend. The final tally for insured losses from the wildfire is projected to hit...
Aon Benfield Report Analyzes Financial Impact of Catastrophes on Reinsurers
Dec 8 2011 // The Aon Benfield Analytics’ Market Analysis team has published the latest edition of its Aon Benfield Aggregate (ABA) report, which assesses the financial performance of 28 of the world’s leading reinsurers in...
Terrorism Risk Still a Concern in Insurer Ratings: S&P
Dec 7 2011 // Standard & Poor’s Ratings Services said it continues to view terrorism risk as a critical component in its assessment of an insurer’s financial strength, more than 10 years after the events of Sept. 11,...
Aon Benfield Monthly Cat Report: Thai, Europe Floods Costly for Insurers
Dec 7 2011 // Aon Benfield’s Monthly Cat Recap report, which reviews the natural disaster perils that occurred worldwide during November, concludes that insured losses in Thailand could top $10 billion, while floods in Europe will...
Abacus Selects Golden Bear to Back Earthquake Program
Dec 6 2011 // Golden Bear Insurance Company will be the carrier for an online residential earthquake deductible buyback program from Abacus Insurance Brokers, Inc. The admitted program, distributed through the Los Angeles-based program...
Contractor Scams Emerge Amid Utah Windstorm Damage
Dec 6 2011 // Utah state officials are warning of scams after getting reports of unlicensed contractors trying capitalize on damage from last week’s wind storm. Utah Department of Commerce Chief Francine Giani says the contractors...
Floridians Would Pay More to Shore-Up Cat Fund: Survey
Dec 6 2011 // A new survey finds that 70 percent of Floridians fear being assessed hundreds or thousands of dollars in “hurricane taxes” because the state’s Hurricane Catastrophe Fund may run out of money to pay...
U.S. P/C Insurers’ Catastrophe Losses Top $38 Billion
Dec 5 2011 // Catastrophe-related losses experienced by the U.S. property/casualty (P/C) industry through the first nine months of 2011 have nearly doubled total year-end 2010 losses, according to the latest estimates from A.M. Best...
2011 Hurricane Season Spared Usual Targets While Flooding Northeast
Dec 5 2011 // The 2011 Atlantic hurricane season was a study in contradictions: It spared the usual Southern targets, while Irene paralyzed the Eastern seaboard and devastated parts of the Northeast with deadly flooding. The season...
White House Denies Earthquake Aid for Oklahoma
Dec 5 2011 // The White House has denied a request from the state of Oklahoma for individual assistance for those affected by a series of earthquakes in November. Gov. Mary Fallin said she’s disappointed and will consider other...
Oklahoma Gov. Requests Earthquake Disaster Assistance
Dec 5 2011 // Oklahoma Gov. Mary Fallin is requesting a federal disaster declaration in the wake of a series of earthquakes that rumbled through the state in November. Fallin made the formal request on Nov. 22 to help individuals,...
80% of Claims from May Tornado in Minneapolis Resolved
Dec 5 2011 // The Minnesota Department of Commerce reported that insurance companies have resolved about 80 percent of the claims generated after a tornado swept through north Minneapolis in May. The agency said that policyholders filed...
Post Tornado, Joplin, Missouri, Rebuilding Permits Setting Records
Dec 5 2011 // Joplin, Mo., is building at a record pace after the town was devastated by a tornado in May, and city officials said they expect the activity to continue into next year. The city has issued an average of $35.4 million in...
More Small Earthquakes in Oklahoma
Dec 5 2011 // At least five small earthquakes were recorded in central Oklahoma over the long Thanksgiving weekend. The U.S. Geological Survey said a 2.4 magnitude tremor was recorded at 6:55 a.m. on Nov. 26 about five miles south of...
Availability of Earthquake Insurance Increasing in Oklahoma
Dec 5 2011 // Two managing general insurance agencies have increased earthquake insurance coverage in Oklahoma in the aftermath of the 5.6 magnitude tremblor that occurred near Sparks on Nov. 5. The Oklahoma Insurance Department said...
Report Links Wildfires to Immigrants in Arizona
Dec 5 2011 // A study by Congress’ investigative arm issued in late November shows investigators have linked 30 fires that erupted in a five-year period in Arizona’s border region to people who crossed into the United States...
Small Earthquakes Recorded in Northern Arkansas, Central Oklahoma
Nov 30 2011 // Small earthquakes have shaken parts of northern Arkansas and central Oklahoma A 2.6 magnitude quake struck early morning in the morning on Nov. 29 near Hardy, Ark. The 911 call center in Sharp County didn’t have any...
Insurers Pay Out $1.13B for Joplin, Missouri Tornado Damage
Nov 30 2011 // Insurance companies have paid out $1.13 billion in claims from the Joplin tornado, and that’s expected to climb to as much as $1.9 billion, the state’s insurance department director said. An estimated 7,500...
Hiscox Designs Terrorism Product for Healthcare Industry
Nov 30 2011 // Hiscox has launched a terrorism liability product designed specifically for healthcare risks such as hospitals, physician offices, researchers and long-term care providers. The carrier says the product, which was designed...
