Topic Catastrophes
Swiss Re joins red cross group, comments Pakistan earthquake
October 11, 2005 by Canadian UnderwriterSwiss Re and seven other companies, including Zurich Financial Services, recently became founding members of the ICRC Corporate Support Group initiated by the International Committee of the Red Cross (ICRC). The ICRC Corporate Support Group was formed in order to…
Standard & Poor’s say rates hold firm despite hurricanes
October 11, 2005 by Canadian UnderwriterAlthough the global insurance industry will incur tremendous losses due to hurricanes Katrina and Rita, European insurers are expected to at least maintain their current pricing levels, according to Standard & Poor’s Corp. recent report, “Industry Report Card: European Insurance.”The…
Fairfax says Katrina losses reach $388 million
October 11, 2005 by Canadian UnderwriterFairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately…
Lloyd’s expects profits, despite cat losses
October 7, 2005 by Canadian UnderwriterDespite Hurricane Katrina losses of approximately 1.4 billion, Lloyd’s of London predicts it will turn in full-year profits.The insurance market indicated pre-tax profits increased by 21% on the pro-forma number for the same period 2004 (or an increase of 1.38billion).…
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…