Topic
Climate Change
Catlin estimates Rita losses at $60 million
October 19, 2005 by Canadian UnderwriterCatlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12…
Hurricane Wilma threatens Florida
October 19, 2005 by Canadian UnderwriterHurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose…
Bird Flu pandemic could cause economic crisis
October 18, 2005 by Canadian UnderwriterThe bird flu pandemic that appears to be creeping westward could be catastrophic for Canada’s manufacturing sector as it has the potential to instigate an economic crisis, according to the Conference Board of Canada.In its report “Performance and Potential 2005-06:…
What’s New: In brief (October 18, 2005)
October 18, 2005 by Canadian UnderwriterTransatlantic Holdings Inc. recently updated its catastrophe estimates and reports that it expects its net losses from Hurricane Katrina to be about US$195 million after tax. Previously, Transatlantic estimated aftertax losses of US$176 million from Katrina. The Company also expects…
AIG donates millions to South Asian earthquake relief
October 14, 2005 by Canadian UnderwriterAmerican International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster…
Hurricanes’ slow decline of aviation insurance rates
October 13, 2005 by Canadian UnderwriterThe aviation insurance market’s renewal season October to December will see a slow down of the recent decline in rates as a result of the hurricanes that struck the US, however recent aviation losses are not expected to effect rates…
Arch anticipates losses due to storms
October 12, 2005 by Canadian UnderwriterArch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita…
What’s New: In brief (October 12, 2005)
October 12, 2005 by Canadian UnderwriterAIG Excess Casualty(R), a division of American Home Assurance Company, a member company of American International Group, Inc. (AIG), has introduced a new product that provides excess liability coverage for risks previously covered by an insurance carrier that is now…
Swiss Re joins red cross group, comments Pakistan earthquake
October 11, 2005 by Canadian UnderwriterSwiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to…
Standard & Poor’s say rates hold firm despite hurricanes
October 11, 2005 by Canadian UnderwriterAlthough the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The…
Fairfax says Katrina losses reach $388 million
October 11, 2005 by Canadian UnderwriterFairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately…
Lloyd’s expects profits, despite cat losses
October 7, 2005 by Canadian UnderwriterDespite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion).…