Canadian Underwriter

Topic Catastrophes

News Catastrophes

Hurricane Charley loss less than expected

August 16, 2004 by Canadian Underwriter

The estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due

News Catastrophes

Florida braces for hurricane blast

August 12, 2004 by Canadian Underwriter

About 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of

News Catastrophes

Texas storm losses cost insurers US$175 million

August 10, 2004 by Canadian Underwriter

Storms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about

News Catastrophes

Hurricane predictions revised

August 9, 2004 by Canadian Underwriter

Two groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of

News Catastrophes

Peterborough flood claims to top $71 million

August 5, 2004 by Canadian Underwriter

Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far,

News Catastrophes

What’s new: In brief (August 04, 2004)

August 4, 2004 by Canadian Underwriter

Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO

News Catastrophes

Hurricane Alex a mild brother to Isabel

August 3, 2004 by Canadian Underwriter

The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (August 03, 2004)

August 3, 2004 by Canadian Underwriter

Pafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to

News Catastrophes

Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires

July 26, 2004 by Canadian Underwriter

Last week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month

News Catastrophes

U.S. Senate considers TRIA extension

July 22, 2004 by Canadian Underwriter

The U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to

News Catastrophes

B.C. earthquakes a “wake up call”

July 21, 2004 by Canadian Underwriter

Earthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The

News CatastrophesMergers and Aqcuisitions

Edmonton storm losses top $87 million

July 20, 2004 by Canadian Underwriter

Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional