Catastrophic wildfires sweep across Southern California Industry estimates insured losses at more than $1.5 billion and rising Insured losses are continuing to accumulate from Southern California wildfires that burned in late October, with most insurance industry analysts estimating insured losses …
Natural catastrophes — and the affordability and availability of property insurance in disaster-prone areas — have been on center stage in coastal states from the Northeast to the Gulf Coast. This fall, the nation’s capital took up the issue again …
Florida Insurance Commissioner Kevin McCarty is in the hot seat in his state, over the coastal property insurance controversy in particular. This interview with McCarty was conducted right before the auto no-fault law expired (lawmakers have since reinstated it for …
CEA Charges “The idea was originally that the CEA (California Earthquake Authority) would have enough funds over time … and wouldn’t need that industry assessment layer. … Theoretically we should have let the layer go away. That was the original …
According to a new study to be issued by ABSG Consulting Inc. and its subsidiary, EQECAT, Inc., “Japan’s chemical industry surprisingly could suffer financial losses equal to more than two years of pre-tax earnings, while the precision machinery and petroleum …
An magnitude 5.6 earthquake struck the San Francisco Bay Area last night, around 8 p.m., about 9 miles northeast of San Jose, according to the U.S. Geological Survey Earthquake Hazards Program. Ten aftershocks were felt, the largest with a magnitude …
EQECAT, Inc., announced that UK-based Benfield has entered into a multiyear renewal agreement to license all of EQECAT’s currently available “WORLDCATenterpriseTM” earthquake and wind models, covering 89 countries. EQECAT said Benfield intends to use the models to assist clients in …
Penning a plan “You don’t want us to write a plan and say, ‘Here, San Francisco, this is what you’re going to do.’ They’ve got to write it.” — Homeland Security Secretary Michael Chertoff telling the Associated Press in March …
Calif. passes flood legislation, rejects bill on child booster seats California Gov. Arnold Schwarzenegger has signed legislation designed to strengthen flood protections in California and approved a bill that would ban smoking in vehicles carrying children. And he rejected a …
As the reinsurance industry increasingly moves offshore, U.S. insurance regulators are rethinking current rules that require only non-U.S. reinsurers to post collateral equal to the full amount of their liabilities to U.S. insurers. Foreign reinsurers have long fought against the …
