Topic Catastrophes
Wilma expected to result in significant losses
October 24, 2005 by Canadian UnderwriterStandard & Poor’s Insurance Ratings Group recently released a report stating that the potential impact Hurricane Wilma will have on insurers is still unknown but expected to be substantial, while catastrophe risk modeling company EQECAT Inc. says losses may range…
AIR estimates Wilma damages at $6 billion to $9 billion
October 24, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a…
Allstate predicts $3.68-billion Katrina loss
October 21, 2005 by Canadian UnderwriterAllstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13…
Renewals prior to Katrina indicate downturn in commercial insurance rates
October 20, 2005 by Canadian UnderwriterA recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first…
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…