Hurricanes News

NOAA Forecasts ‘Above Normal’ Atlantic Hurricane Season

The 2011 Atlantic hurricane season will be “above normal”, spawning six to 10 hurricanes of which around half could become major, the U.S. government’s weather agency forecast Thursday. However, as the 2010 season showed – it was very active but …

Weather Forecasters Agree on Active 2011 Atlantic Hurricane Season

Weather Service International [WSI] forecasters predicted an active 2011 Atlantic hurricane season Tuesday, with 15 named storms, eight of which are expected to become hurricanes. Of these, four are expected to develop into major hurricanes of Category 3 or higher …

S&P Puts 17 Cat Bonds on CreditWatch/Negative Due to RMS Model Change

Standard & Poor’s Ratings Services has placed its ratings on 17 natural peril catastrophe bonds (listed below) on CreditWatch with negative implications. S&P explained that it took the action following “Risk Management Solutions Inc.’s (RMS) release of its RiskLink V11 …

‘Above Average’ 2011 Atlantic Hurricane Season Forecast

The 2011 Atlantic hurricane season will be above average with nine hurricanes, five of them major, with a more than 70 percent chance that at least one of them will hit the U.S. coastline, Colorado State University forecasters predicted Wednesday. …

Japan Quake Reveals Cracks in Insurance System – Part II

The first part of this article appeared on the IJ’s web site on April 5. PRICE PRESSURE Earthquakes may not be linked to each other, but they are linked to the financial markets, as anyone who has invested in insurers …

Japan Quake Reveals Cracks in Insurance System – Part I

Michael Korn is a popular person these days, which is perhaps not too surprising considering what he does for a living and where he lives. Korn is an insurance broker in earthquake-prone San Francisco. “We’re pretty busy,” he said of …

SPECIAL REPORT: Extreme Weather Batters Insurance Industry

In Chester County, South Carolina, off a dirt road in the middle of a field, insurance companies are literally unleashing a storm. To simulate hurricane-like conditions, an industry group has built a wind tunnel big enough to accommodate nine large …

House Lets Stand Mississippi Gov. Barbour’s Veto of Windpool Funds

The Mississippi House has failed to override a governor’s veto of legislation that would have placed a $20 million subsidy into a state wind pool insurance fund. The vote was 68-52 in favor of an override, but at least 80 …

Ex-Airport Director Pleads Guilty in Katrina Insurance Fraud Case

The former director of aviation at New Orleans’ Louis Armstrong International Airport pleaded guilty to obstruction of justice for his role in a Hurricane Katrina insurance fraud case. Sean Hunter and his wife, Shauna Crowden Hunter, were charged in federal …

Swiss Re Concludes $170 Million Successor X Cat Bond Placement

Swiss Re has obtained another $170 million in protection through the Successor X Ltd. catastrophe bond program, covering Australia earthquake, North Atlantic hurricane and California earthquake risks. “The combination of Australia earthquake risk with US peak natural catastrophe risks is …