catastrophe

Two men were still living who had witnessed the grim catastrophe of nearly half a century before--Marie Couttet (saved by his baton) and Julien Davouassoux (saved by the barometer).

At the same time," said Challenger, his great voice booming strangely amid the silence, "it is difficult for us to conceive that out of seven millions of people there is only this one old woman who by some peculiarity of constitution or some accident of occupation has managed to survive this catastrophe.

The initial emphasis on developing derivatives for catastrophe losses is not surprising given (1) the large risk that catastrophes create for insurers and the correspondingly high capital costs and (2) the possibility of using aggregate loss indices that can significantly reduce basis risk for many primary insurers.

Senior executives and directors of companies exposed to catastrophes realize they need independent information about catastrophe risk and best practices for managing that risk because every year the financial exposure to catastrophe loss increases.

As adjusters saturate the stricken area, insurers make payments, and media coverage is proactively encouraged, catastrophes demonstrate both the human and financial value of insurance.

As predicted by Advisen analysts, the soft market continues to gain momentum due to a relatively stable year free of major catastrophes.

Julianne Jessup, head of research for reinsurance intermediary Benfield Group plc, said the single biggest surprise coming out of January renewals is the limited effect of 2004's catastrophes on pricing.

I cannot overstate the groundbreaking quality of Karen's work on behalf of the property/casualty industry and many other businesses and governmental agencies that must anticipate and prepare for natural and man-made catastrophes.

Catastrophes represent difficult exposures-they can be low frequency but high severity.

Exposure to catastrophic loss accumulation, while a large factor for a property writer in Texas, is partially mitigated by the catastrophe reinsurance support provided by the Balboa Insurance Company (Irvine, CA), which under the terms of the agreement, gives "seasonal" aggregate loss protection to any number of catastrophes.

Catastrophes occur with little or no warning and ruin thousands of homes and businesses every year.

A continuing pattern of weather extremes and increasing severity of natural catastrophes in 2003 poses a "deteriorating risk situation" that insurers will have to address, Munich Re Group said in its year-end catastrophe survey.

25 million in the event of a series of severe natural catastrophes on an aggregate basis.

A seemingly endless stream of smaller catastrophes, from fires to hurricanes to hailstorms to blackouts, had nearly the same effect last year, as the $11.

Weather patterns and related catastrophes tend to be similar in the same seasons," he said.