Munich Re has obtained cover for US hurricane and European windstorm risks amounting to US$ 80 million from special-purpose vehicle EOS Wind Ltd, which placed a catastrophe bond in the market. “MEAG, Munich Re’s asset management company, came up with …
A BP Plc shareholder in Alaska Thursday sued the corporation’s chairman and board members, alleging the officials’ mismanagement led to the disastrous Deepwater Horizon rig explosion and spill and have devalued BP stock. The lawsuit, filed in Alaska Superior Court …
Nearly one month after the April 23-24 tornadoes, federal disaster assistance provided to tornado survivors reached more than $2.4 million, according to the Mississippi Emergency Management Agency and the Federal Emergency Management Agency. More than 1,600 individuals, families and businesses …
Weather forecasters said this week that a below-average total of two to three hurricanes are likely to pass through Central Pacific waters this year as ocean surface temperatures cool. But only one hurricane needs to hit land to cause damage, …
The Florida Hurricane Catastrophe Fund is as healthy as ever heading into the 2010 storm season. An advisory council to the fund reported Tuesday that it has enough cash and bonding ability to pay off more than $25 billion in …
With weather forecasters calling for a worse-than-average 2010 Atlantic basin hurricane season, the Institute for Business & Home Safety (IBHS) is advising property owners on the most effective ways to protect their homes and businesses from hurricane damage. IBHS is …
Environmentalists seeking to curb oil drilling in the Gulf of Mexico have filed federal lawsuits to shut down a major BP platform and close a government loophole for new oil and gas exploration. The lawsuits, filed in Alabama and Texas, …
Risk Management Solutions announced the addition of Japan earthquake to its existing suite of parametric industry loss indices covering U.S. hurricane, U.S. earthquake, and Europe windstorm. RMS said: “Paradex Japan Earthquake – the first parametric index for this peril region …
President Barack Obama said Tuesday he was disappointed that a measure to lift limits on oil firm liability for spills had stalled in the U.S. Senate, and blasted Republicans he said had stopped it. “I am disappointed that an effort …
The Dubuisson home will resemble others in the traditional Pass Christian neighborhood when construction is complete this summer yet underneath will be a superstructure built to withstand 200 mile-per-hour winds and cut wind insurance premiums to $1,000 a year. The …
