Catastrophe & Restoration

A magnitude 7.4 earthquake struck Oaxaca, Mexico yesterday, destroying hundreds of homes. No fatalities have been reported, and catastrophe-modeler Eqecat says insured losses are expected to be under $100 million.

Weather-related claims activity and a doubling of revenue in its legal settlement division led Crawford & Company to a 22-percent increase in second-quarter consolidated revenues.

Sen. Dick Durbin, D-Ill., is warning that the federal government needs to do more to respond to growing demands for disaster assistance in the wake of “stronger weather events.”

Severe weather continued throughout the world in July, causing more than a billion dollars in damages, according to Aon Benfield’s monthly catastrophe recap.

Tropical Storm Emily brushed past Puerto Rico and headed Wednesday toward the Dominican Republic and Haiti, where more than 630,000 people are still without shelter after last year's earthquake.

While claim settlement is the largest driver of customer satisfaction during a property claim experience, first notice of loss drives a significant 21 percent of the experience and often sets the tone for the remainder of the claims process, a new J.D. Power and Associates study says.

Two regional insurers took earnings hits in the 2011 second quarter due to catastrophe losses.

Although Tropical Storm Don's path is south of the main oil and gas producing regions in the Gulf, about 500 operating oil and gas rigs are in the storm's path and could face damage.