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News Archive: Financing Major Natural Catastrophes

Ohio: June 2007 Akron-Canton Area Hailstorm Losses Now at Record High

The June 8, 2007 hailstorm that pummeled Summit County, Ohio, including the greater Akron-Canton area is one for Ohio’s record books, according to a resurvey of insurance claims by the Ohio Insurance Institute. (Posted: 6/25/2008)

NAMIC: Legislation to Promote Stronger Buildings Will Save Lives, Money

Legislation adopted today by the House Financial Services Committee is key to preventing loss of lives and property during natural catastrophes, according to NAMIC. (Posted: 6/24/2008)

There When You Need It: Extra Help in the Face of Catastrophe

It’s hurricane season. For those of you insuring homeowners along the Atlantic and Gulf coasts, there’s a good chance you’ll be paying claims for some sort of tropical storm or hurricane-related damage in the near future. (Posted: 6/20/2008)

USDA Rural Development Funds Available For Disaster Relief Efforts

Agriculture Under Secretary for Rural Development Thomas C. Dorr announced June 16 that funding is available to individuals and organizations recently hit by natural disasters in several Midwestern states. (Posted: 6/20/2008)

Pricing Incentives – Do They Work?

For years, natural disaster experts outside the insurance industry have wondered whether the pricing of property insurance could be used to give homeowners incentives to upgrade or retrofit their structures to mitigate damage from windstorms. (Posted: 6/20/2008)

Louisiana: Coastal Forum in New Orleans

A wide variety of panelists ranging from insurance regulators to congressmen to a private citizen covered “Insurability of the Coast,” the 4th Presidents’ Forum on Meeting Coastal Challenges held by Louisiana State University, its Ag Center, Louisiana Sea Grant, the America’s Wetland Foundation, and the Louisiana Department of Insurance. (Posted: 6/17/2008)

Report: Total Insured Value of Properties in Hurricane Prone States on Pace to Double in 10 Years

A report recently completed by catastrophe risk modeling firm AIR Worldwide Corporation estimates that during the past three years the insured value of properties in coastal areas of the United States continued to grow at a compound annual growth rate of just more than 7 percent. (Posted: 6/16/2008)

Rhode Island: NAMIC Comments on Coastal Property Regulations

Regulations implementing Rhode Island legislation responsive to concerns about coastal property insurance marketplace developments should not go beyond the scope of the legislation in limiting insurers’ ability to manage their exposure to catastrophic risk, NAMIC asserted in comments to regulators last week. (Posted: 6/10/2008)

Natural Disaster Concerns Addressed by Presidential Contenders

The issue of whether to create a federal natural disaster backstop took center stage among the two presumptive presidential candidates last week, raising concerns about the issue. (Posted: 6/10/2008)

Louisiana/North Carolina: Coastal Insurance the Subject of Conferences

Hurricane season brings not just a focus on “battening down the hatches” in the event of a storm but a heightened awareness of the availability and affordability of property insurance in Atlantic and Gulf Coast states. (Posted: 6/10/2008)

Indiana: Insurance Industry Responds to Storm Damage (6/9/2008)

Early, Intense Tornado Season Could Be Record (6/5/2008)

Colorado State University Hurricane Forecast Team Predicts Above-Average Atlantic Basin Hurricane Season in 2008 (6/3/2008)

Nearly 40 Percent of Houstonians Say They Won’t Evacuate (5/28/2008)

NOAA Predicts Two to Five Major Atlantic Hurricanes (5/23/2008)

NOAA Model Projects Fewer but More Intense Hurricanes Late This Century (5/22/2008)

NOAA Expects Slightly Below Average Central Pacific Hurricane Season (5/22/2008)

NAMIC Appreciates Alabama Legislature’s ‘Balanced Approach’ on Legislation Addressing Coastal, Auto Insurance Concerns (5/20/2008)

Georgia: 6,000 Homes Damaged from Storms, Insured Losses Estimated at $50 Million and Growing (5/13/2008)

New York: Assembly Insurance Committee Chairman Holds Discussions on Coastal Issues (5/13/2008)

Massachusetts: Division Rejection of FAIR Plan Coastal Rate Hike Could Impact Legislation (5/13/2008)

Alabama: Beach Pool Codification, Captives for Coastal Homeowners, Minimum Auto Limits Bills on Way to Governor (5/13/2008)

Expanded Hurricane Forecast Calls for Increased Risk of Destructive Storm From Carolinas to New England (5/12/2008)

Colorado: Governor Provides Annual Outlook for Fire Season (5/12/2008)

Arkansas, Virginia: Insurance Filings Begin Following Deadly Tornados (5/7/2008)

Rhode Island: Dept. of Business Regulation Issues Regulation Addressing Hurricane Deductibles and Mitigation Measures (5/6/2008)

Louisiana: Regional Hurricane Deductible Bill Passes Senate (5/6/2008)

Connecticut: Catastrophe Fund Study Proposal Dead for the Session (5/6/2008)

Alabama: Senate Coastal Bills Move to House (5/6/2008)

ISO’s Property Claim Services Unit Estimates Insurers to Pay $3.35 Billion in First-Quarter Catastrophe Claims (4/29/2008)

Preparation is Key for Tornado Season (4/25/2008)

Survey: Washington, Oregon on Shaky Ground (4/25/2008)

Report: 2008 Tropical Forecast Calls for Active Atlantic Season (4/23/2008)

New Jersey: Legislative Interest in Coastal Property Issue on the Rise (4/22/2008)

New Research Center Targets Natural Disaster Property Losses (4/21/2008)