Catastrophe Claims Archives - Page 6 of 14

Senate Bill Seeks Federal Backstop for Four States’ Catastrophe Funds

Apr 28, 2009 | Catastrophe Claims, Federal Legislative Developments, Florida Developments, Regulatory | United States

United States Senator Bill Nelson (D-FL) introduced a bill last week to provide a guarantee for the Florida Hurricane Catastrophe Fund from the Federal Reserve. The legislation would also provide federal guarantees for the catastrophe funds in Texas and Louisiana and the earthquake insurance pool in California (the “Cat Funds”).

Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage

Apr 28, 2009 | Catastrophe Claims, Florida Developments, Regulatory, Reinsurance | United States

As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”). As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events.

NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies

Apr 20, 2009 | Catastrophe Claims, New York Developments, Regulatory, Reinsurance | United States

On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes.

Fifth Circuit Vacates Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith

Apr 9, 2009 | Catastrophe Claims, Extra-Contractual Liability | United States

The United States Court of Appeals for the Fifth Circuit recently vacated a portion of a November 2007 ruling against State Farm Fire and Casualty Company, in which plaintiffs Judy and Michael Kodrin were awarded damages arising out of State Farm’s alleged bad faith failure to timely pay their claim for Hurricane-Katrina related wind damage.

Hurricane Katrina-Related Case Against the Army Corps of Engineers is Likely to Proceed to Trial

Mar 31, 2009 | Catastrophe Claims | United States

In a lawsuit filed against the U.S. Army Corps of Engineers involving allegations that the Army Corps was negligent in its maintenance of the Mississippi Gulf River Outlet (“MRGO”), a federal district court in Louisiana recently denied plaintiffs’ partial summary judgment motion and defendants’ renewed motion to dismiss.

Recent Louisiana State Court Ruling Allows for New Hurricane Katrina-Related Suits Despite the Passing of the August 2007 Filing Deadline

Mar 2, 2009 | Catastrophe Claims | United States

The State Court of Appeal of Louisiana, Fourth Circuit has held that an insured could pursue her lawsuit for Katrina-related damages against her insurer, Louisiana Citizens Property Insurance Corporation, even though the lawsuit was filed over a year after the August 2007 filing deadline had expired.

PERILS AG: European Catastrophe Data Company Established

Feb 19, 2009 | Catastrophe Claims, Climate Change, Industry Developments, Reinsurance | United Kingdom

A group of European insurers and reinsurers, including Allianz, AXA, Munich Re, Swiss Re and Zurich, have established PERILS AG, based in Zurich, to collect and provide industry-wide European catastrophe insurance data. PERILS is intended to provide a service similar to that provided by Property Claims Services (PCS) in relation to US catastrophes.

Court Dismisses Hurricane Reserve-Related Securities Class Action

Feb 4, 2009 | Catastrophe Claims, D&O Liability | United States

On July 17, 2006, Washington State Plumbing and Pipefitting Pension Trust, on behalf of shareholders of Bermuda-based insurer Quanta Capital Holdings, Ltd. (“Quanta”), filed an amended securities class action complaint against Quanta and several of Quanta’ directors alleging that the registration and prospectus for Quanta’s common stock offering contained materially false and misleading statements in violation of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and Sections 10(b) (including SEC Rule 10b-5 promulgated thereunder) and 20(a) of the 1934 Securities Exchange Act.

Fifth Circuit Court of Appeals: Insured Can Recover Damages for Mental Anguish under Louisiana Bad Faith Statute Where Insurer Acted in Bad Faith by Delaying Payments

Jan 9, 2009 | Catastrophe Claims, Coverage & Claims | United States

The Fifth Circuit Court of Appeals recently ruled that a Louisiana insured, who suffered Hurricane Katrina-related damages, can recover damages for mental anguish when its insurer acts in bad faith.

UPDATE: Congress Passes NFIP Short-Term Extension

Sep 30, 2008 | Catastrophe Claims, Federal Legislative Developments, Regulatory | United States

As we previously reported here, Rep. Barney Frank’s (D-MA) bill, H.R.6965, which would temporarily extend the NFIP for an additional seven months, was passed by the House of Representatives and the Senate. The National Flood Insurance Program (“NFIP”) was set to expire at the end of September.

Topic: Catastrophe Claims

Senate Bill Seeks Federal Backstop for Four States’ Catastrophe Funds

Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage

NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies

Fifth Circuit Vacates Portion of Katrina-Related Judgment that Awarded Penalties, Damages and Attorneys’ Fees Based on an Insurer’s Alleged Bad Faith

Hurricane Katrina-Related Case Against the Army Corps of Engineers is Likely to Proceed to Trial

Recent Louisiana State Court Ruling Allows for New Hurricane Katrina-Related Suits Despite the Passing of the August 2007 Filing Deadline

PERILS AG: European Catastrophe Data Company Established

Court Dismisses Hurricane Reserve-Related Securities Class Action

Fifth Circuit Court of Appeals: Insured Can Recover Damages for Mental Anguish under Louisiana Bad Faith Statute Where Insurer Acted in Bad Faith by Delaying Payments

UPDATE: Congress Passes NFIP Short-Term Extension

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