Topic: Catastrophe Claims

Japan’s Government Will Likely Bear Most of the Damages Resulting from the Earthquake

According to a recent article in the New York Times, insurance and reinsurance companies from Japan and abroad, as well as hedge funds and other investors in catastrophe bonds, are expected to bear a relatively small portion of the losses stemming from the earthquake and resulting tsunami, which is expected to exceed $100 billion.  By way of comparison, the 1995 earthquake in Kobe, Japan resulted in approximately $100 billion of damages, according to the Insurance Information Institute, but only about $3 billion of that was covered by insurance. 

Read More

Australian Cyclone Yasi Causes Major Damage, Exposes Potentially Significant Insurance Losses

According to a recent Reuters article, Cyclone Yasi is expected to cost insurers approximately AUS $3.5 billion in insured damage, according to Forecasting Service Tropical Storm Risk (“TSR”).  Cyclone Yasi, a maximum strength category five storm about the size of Italy, has drawn much comparison with Hurricane Katrina, which caused massive damage to New Orleans and surrounding states in 2005.  (Some estimate that the insured losses alone caused by Hurricane Katrina reached US $66 billion.) 

Read More

Katrina: Claims To Continue Against Defendants Who Allegedly Caused the Emission of Greenhouse Gases That Added to the Ferocity of Hurricane Katrina

On October 16, 2009, in a lawsuit brought by owners of property along the Mississippi Gulf coast that sustained damage from Hurricane Katrina, the U.S. Court of Appeals for the Fifth Circuit held that the plaintiffs have standing to assert public and private nuisance, trespass and negligence claims against the defendants who caused the emission of greenhouse gases which are alleged to have ultimately added to the ferocity of Hurricane Katrina. 

Read More

Katrina: Mississippi Supreme Court Finds that an Anti-Concurrent Causation Clause In a Homeowners’ Insurance Policy Does Not Exclude Coverage for Loss Separately Caused by Wind and Water

On October 8, 2009, the Mississippi Supreme Court issued its highly anticipated decision in Corban v. USAA Insurance Company, holding that the anti-concurrent causation (“ACC”) clause in a homeowners’ insurance policy is inapplicable where both wind and water did not act in conjunction in causing Katrina-related damages. 

Read More

Louisiana Insureds Petition the U.S. Supreme Court to Review a Fifth Circuit Decision Vacating that Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith

On July 21, 2009, Judy and Michael Kodrin filed a petition for a writ of certiorari in the U.S. Supreme Court, asking the Supreme Court to review a Fifth Circuit decision vacating that portion of a Katrina-related judgment that awarded them penalties, damages and attorneys’ fees based on their homeowners insurer’s alleged bad faith. 

Read More




Email the Editor

Click here to Email the Editor

Locke Lord LLP

For the latest information about our Firm visit