Topic Catastrophes
Munich Re total hurricane damages US$1.6 billion
September 28, 2005 by Canadian UnderwriterMunich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it…
Global reinsurance sector receives stable outlook, despite hurricanes
September 27, 2005 by Canadian UnderwriterAn initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be…
RMS predicts Rita damages of US$4-7 billion
September 26, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that…
AIR pegs Rita losses at US$2.5-$5 billion
September 26, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates Hurricane Rita will cost the insurance industry a total of between $2.5 billion and $5 billion in losses.Rita made landfall between Sabine Pass and Johnson’s Bayou on the Louisiana coast as a…
Private-sector losses from Katrina US$40-US$60 billion, RMS
September 23, 2005 by Canadian UnderwriterRisk Management Solutions (RMS) recently stated it will expand its methodologies for estimating insured losses using real-time reconnaissance data, catastrophe models and databases of insurance industry exposure. RMS says it still anticipates that private-sector insured losses from Hurricane Katrina will…
EQECAT estimates Katrina-related losses
September 23, 2005 by Canadian UnderwriterBased on a recent analysis, EQECAT, Inc. estimates insured losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages related to Hurricane Katrina are between US$11 billion and US$19 billion.…
Katrina costliest event to hit insurance industry
September 22, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services stated, in a recent report, that Hurricane Katrina is likley the most costly event to hit the global insurance industry. “Even the low side of loss estimates (about $35 billion) place it at almost twice…
Elevated hurricane activity persists
September 22, 2005 by Canadian UnderwriterThe director of U.S.-based National Hurricane Center says the above-average hurricane activity devastating North America could last another 20 years or even longer.Director Max Mayfield recently told the Senate Commerce, Science and Transportation Committee’s Subcommittee on Disaster Prevention and Prediction…
A.M. Best reviews impact of Southern Ontario storm
September 22, 2005 by Canadian UnderwriterThe recent storm that hit Southern Ontario resulted in vast property damages and losses totaling millions of dollars and resulting losses are expected to exceed $400 million, making it the highest insured loss in Ontario history. Early indications from A.M.…
XL Capital Group placed on CreditWatch
September 21, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty…
Wood prices soar after Katrina
September 21, 2005 by Canadian UnderwriterDamage inflicted in the southern United States as a result of Hurricane Katrina contributed to a rise of wood prices on the BMO Financial Group Commodity Price Index, BMO Economics reported Sept. 21.BMO reports the extensive rebuilding work in the…
Louisiana prepares for Hurricane Rita
September 21, 2005 by Canadian UnderwriterThe National Hurricane Centre in the U.S. says Hurricane Rita, now a Category 4 hurricane, “could reach Category 5 intensity in the central Gulf of Mexico” and is tracking to reach landfall on the south coast of Texas and the…