Topic
Climate Change
Fitch reviews adequacy of computer-modeling
September 19, 2005 by Canadian UnderwriterFitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current,…
Reinsurers update Katrina losses
September 19, 2005 by Canadian UnderwriterRisk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses…
Ophelia leaves less than $800 million in damages
September 19, 2005 by Canadian UnderwriterThe remnants of tropical storm Ophelia have tracked eastward, away from Newfoundland, and the Canadian Hurricane Centre of Environment Canada has lifted all warnings for inland areas of Newfoundland.Once a Category 1 storm that swept through Northern Carolina last week,…
Pethealth Inc. aids PETCO P.A.L.S. members
September 16, 2005 by Canadian UnderwriterPethealth Inc. (TSX VENTURE:PTZ), will be suspending insurance premium payments through January 1, 2006 for all PETCO P.A.L.S. members enrolled in a PetCare insurance plan and who live in Louisiana, Mississippi, or Alabama. “With a catastrophe of this magnitude we…
Analysts debate post-Katrina rate hikes
September 16, 2005 by Canadian UnderwriterU.S. industry analysts are predicting insurance premium rate increases along the U.S. Gulf States and along the eastern seaboard in the aftermath of Hurricane Katrina although the rates are not expected to rise in the immediate future.“The claims in Louisiana…
Mississippi AG sues insurance industry
September 16, 2005 by Canadian UnderwriterMississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast…
Lloyd’s rating stable, despite Katrina losses
September 15, 2005 by Canadian UnderwriterFitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch…
Ophelia losses less than $500 million
September 15, 2005 by Canadian UnderwriterCarvill’s ReAdvisory, a reinsurance intermediary, predicts losses from Hurricane Ophelia “are likely to be light” up to a maximum of $500 million, A.M. Best reports.On-again, off-again Hurricane Ophelia, a Category 1 storm, is continuing to skirt the North Carolina coast…
Reinsurers may be downgraded after Katrina: Moody’s
September 15, 2005 by Canadian UnderwriterMoody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s…
Hurricane Ophelia heads toward North Carolina
September 14, 2005 by Canadian UnderwriterHurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category…
Lloyd’s pegs Katrina losses at US $2.55 billion
September 14, 2005 by Canadian UnderwriterLloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net…
Katrina mainly results in commercial lines claims
September 13, 2005 by Canadian UnderwriterCommercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent…