Latest Hurricane Headlines
All the headlines from our Hurricane Topic Page, ordered by recency.
It Figures
Nov 2 2008 // 6 The owner of a Little Rock, Ark., insurance company was sentenced to six years in prison on a federal fraud conviction, the Associated Press reported. Frank Whitbeck, was ordered to pay $3.8 million restitution and was...
Aspen Posts $116.7 Million Q3 Loss; $91.4 Million 9 Month Profit
Oct 31 2008 // Aspen Insurance Holdings has reported a third quarter 2008 net loss after tax of $116.7 million, compared with a net profit after tax of $117.2 million in Q3 2007. Operating earnings per share also posted a loss in the...
Exposure to Florida Catastrophe Fund Triggers A.M. Best Review
Oct 30 2008 // A.M. Best Co. says based on the credit market contraction and the uncertainty regarding the Florida Hurricane Catastrophe Fund’s ability to fund its claims-paying capacity, it placed several insurers’ ratings...
Axis Capital Reports $249 Million Q3 Net Loss; $161 Million Operating
Oct 29 2008 // Bermuda’s AXIS Capital Holdings Limited reported a net loss for the third quarter of 2008 of $249 million, or $1.79 per diluted common share, compared with net income of $270 million, or $1.65 per diluted common...
Insurance Affordability: Three East Coast Regulators Weigh In
Oct 28 2008 // For many East Coast homeowners, the difficulty lies not in finding insurance, but paying for it. And that so-called affordability problem affects nearly every state along the coastline. Given their recent history with...
2008 a Rough Year for Texas Insurers
Oct 28 2008 // Insured losses in Texas lead all other states by a wide margin as claims from the state’s hurricanes continue to pour in, the Insurance Council of Texas (ICT) reported. Insured losses from the first three quarters of...
Texas Lawmakers Critical of Federal Response to Hurricane
Oct 28 2008 // Lawmakers in Texas praised the state’s response to Hurricane Ike but some blasted the efforts of the Federal Emergency Management Agency (FEMA) at a recent meeting of the state Senate’s Transportation and...
Hurricane, Investment Losses Cut Into Chubb’s Q3 Profit
Oct 24 2008 // Like many of its property/casualty competitors, Chubb Corp. saw its third quarter profit cut by investment losses and Hurricane Ike but the New Jersey-based insurer still emerged with $264 million in net income, $300...
RMS Estimates Ike Insured Losses Now in $13B to $21B Range
Oct 24 2008 // California-based Risk Management Solutions (RMS) updated its estimate for U.S. onshore and offshore insured losses from Hurricane Ike to $13 billion to $21 billion, of which $10 billion to – $15 billion is estimated...
Haiti Hurricane Damage Estimated at $1 Billion
Oct 23 2008 // The storms that have battered Haiti since August caused nearly $1 billion of damage, World Bank President Robert Zoellick said Wednesday. “That’s a lot for a country of 8 million people and there’s been a...
Texas Monitoring for Fairness in Treatment of Ike-Affected Policyholders
Oct 23 2008 // In the aftermath of Hurricane Ike, the Texas Department of Insurance (TDI) reported it has received complaints from consumers indicating that through the words, tone, demeanor or actions of their insurance adjusters, they...
Allstate Posts $923M Net Loss for Q3
Oct 23 2008 // Catastrophe losses and the global financial crisis contributed to a $923 million net loss for the third quarter of 2008, which reflects an operating loss of $190 million and net realized capital losses of $728 million, The...
Travelers Takes Q3 Hit from Hurricanes
Oct 22 2008 // Travelers Cos. Inc.’s net income dropped to $214 million for the third quarter, down from $1.2 billion for the same period last year, as the company absorbed losses from Hurricanes Ike, Gustav and Dolly. The...
Storms’ Toll Takes on Many Forms
Oct 20 2008 // The industry group says at least $553.1 million in insured losses were left by remnants of Hurricane Ike, which swept through the state on Sept. 14. The economic crisis with the failures of Lehman Brothers, then AIG, and...
Carvill Offers Options on Individual Named Storms
Oct 20 2008 // Carvill Capital Markets recently listed named storm contracts on the Chicago Mercantile Exchange, providing coverage for live hurricanes and for an entire hurricane season. Patrick Gonnelli, president of Carvill Capital...
Shrinking Citizens Signals Progress in Florida Property Market
Oct 20 2008 // Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance...
Hurricanes, Credit Crunch Hit Louisiana, Texas Agriculture
Oct 20 2008 // Like farmers and ranchers across the United States, agriculture producers in Texas and Louisiana have been impacted by rising fuel and fertilizer costs, and they fear the credit squeeze gripping the nation will make it...
Carvill Offers Options on Individual Named Storms
Oct 20 2008 // Carvill Capital Markets recently listed named storm contracts on the Chicago Mercantile Exchange, providing coverage for live hurricanes and for an entire hurricane season. Patrick Gonnelli, president of Carvill Capital...
TWIA Claims From Ike May be Less Than Expected
Oct 20 2008 // Two weeks after Hurricane Ike hit Galveston, Texas, on Sept. 13, the Texas Windstorm Insurance Association — the state’s insurer of last resort for wind coverage along the coast — was fielding many thousands of...
A.M. Best, Insurers Concerned over Florida’s Catastrophe Fund Capabilities
Oct 16 2008 // The Florida Hurricane Catastrophe Fund Advisory Council recently presented its 2008 October bonding estimates, rattling the nerves of insurers in the process. While David Sampson, president and chief executive officer of...
