Q3 Insured Losses an All-Time Record: Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and businesses for insured property losses in 14 states, according …
Moving just days after committees in the House and Senate advanced terrorism insurance bills, the full U.S. Senate today passed its version of the Terrorism Risk Insurance Extension Act of 2005 (S. 467). By a voice vote, the Senate approved …
Concluding the two-day National Catastrophe Insurance Summit held in Burlingame, Calif., insurance commissioners from California, Florida, Illinois and New York on Wednesday agreed that they had a basic framework for a national catastrophe insurance program—but the details were not yet …
Congressional budget negotiators have decided to take back $125 million in Sept. 11 aid from New York, which had fought to keep the money to treat sick and injured ground zero workers, lawmakers said. New York’s elected officials had sought …
The American Insurance Association (AIA) issued the following response to the Natural Catastrophe Insurance Program Summit being held in San Francisco this week. “In the wake of the destruction from the 2005 Gulf Coast hurricanes, a discussion about how the …
A major hurricane making landfall in the New York City metropolitan area would result in approximately $50 billion of insured losses with total economic losses exceeding $100 billion, according to an expert testifying today at a catastrophe summit. That scenario …
The Senate Banking Committee and House Financial Services Committee each marked up legislation Wednesday to extend the Terrorism Risk Insurance Act (TRIA) for two years. The Senate Banking Committee reported out S. 467 by voice vote. The House Financial Services …
Insurance Commissioners from California, Florida, Illinois and New York began laying the groundwork Tuesday for what they hope will turn into a national catastrophe insurance program that would cover all Americans. Hosting a two-day summit in San Francisco, the commissioners …
Business insurance consumers represented by the multi-industry Coalition to Insure Against Terrorism have expressed their support for federal terrorism insurance legislation that will be marked up by the House Committee on Financial Services and Senate Banking Committee today. Meanwhile, the …
The Independent Insurance Agents & Brokers of America (the Big “I”) said it strongly supports H.R. 4314, the Terrorism Risk Insurance Revision Act, introduced late Monday by Subcommittee Chairman Richard Baker (R-La.). A new backstop is needed to help insure …
