Canadian Underwriter

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News Catastrophes

IBC criticizes Newfoundland’s latest actuary report

September 8, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit

News Catastrophes

What’s new: In brief (September 08, 2004)

September 8, 2004 by Canadian Underwriter

The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance

News Catastrophes

Frances likely to be “major loss” to primary insurers

September 7, 2004 by Canadian Underwriter

While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that

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Hurricanes may force reinsurers to readdress frequency issue

September 7, 2004 by Canadian Underwriter

While the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a

News Catastrophes

What’s new: In brief (September 06, 2004)

September 6, 2004 by Canadian Underwriter

The friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle

News Catastrophes

Hurricane Frances damage estimates reduced to US$2-5 billion

September 6, 2004 by Canadian Underwriter

Insured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially

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Frances toll could rival Andrew

September 2, 2004 by Canadian Underwriter

Analysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the

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Bermuda market maintains profitability in second quarter

September 2, 2004 by Canadian Underwriter

The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net

News Catastrophes

Allstate facing US$425 million Charley price tag

September 1, 2004 by Canadian Underwriter

As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total

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Frances latest fear in Atlantic hurricane season

August 30, 2004 by Canadian Underwriter

As Floridians continue to rebuild following Hurricane Charley, another intense storm is following in his tracks. Hurricane Frances, which as of Monday was classified as a category three storm, has the potential to hit Florida over the Labor Day weekend.On

News Catastrophes

What’s new: In brief (August 29, 2004)

August 29, 2004 by Canadian Underwriter

CNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group

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Charley highlights business coverage issues

August 26, 2004 by Canadian Underwriter

A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be