Topic
Climate Change
Katrina losses predicted to exceed 9/11
October 7, 2005 by Canadian UnderwriterHurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as…
AON proposes terrorism insurance pool
October 6, 2005 by Canadian UnderwriterAon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage…
Insurers receive relief repaying claims from SEC
October 5, 2005 by Canadian UnderwriterInsurers are receiving aid from the US Securities Exchange Commission (SEC) in their efforts to pay off the extensive claims resulting from hurricanes Katrina and Rita. Many insurers have been placed on credit watch and issued warnings because of extensive…
ISO pegs Katrina losses at $34.4 billion
October 5, 2005 by Canadian UnderwriterHurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage…
ACE Ltd. to sell $1.3 billion in shares
October 4, 2005 by Canadian UnderwriterACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option…
Jewelery insurer says Katrina looting costs $700,000
October 4, 2005 by Canadian UnderwriterLooting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates…
Katrina victims offered retroactive flood coverage
September 30, 2005 by Canadian UnderwriterWhile individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy…
Total property damage from Katrina storm surge estimated
September 29, 2005 by Canadian UnderwriterProperty damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and…
Standard & Poor’s downgrades global reinsurance outlook
September 29, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.“The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number…
Fairfax issues $300-million worth of voting shares
September 28, 2005 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising…
Newfoundland floods call for state of emergency
September 28, 2005 by Canadian UnderwriterHeavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a…
Munich Re total hurricane damages US$1.6 billion
September 28, 2005 by Canadian UnderwriterMunich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it…