Canadian Underwriter

Topic Catastrophes

News Catastrophes

Lloyd’s pegs Katrina losses at US $2.55 billion

September 14, 2005 by Canadian Underwriter

Lloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net

News Catastrophes

Katrina mainly results in commercial lines claims

September 13, 2005 by Canadian Underwriter

Commercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent

News CatastrophesMergers and Aqcuisitions

Climate change affects insurance

September 13, 2005 by Canadian Underwriter

Over the past 30 years loses resulting from catastrophic weather events are growing 10 times faster than premiums meaning that if the trend continues, the insurance industry may have to deal with a decrease in coverage and increased costs, according

News Catastrophes

Fitch puts five insurers on Rating Watch

September 13, 2005 by Canadian Underwriter

Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re

News Catastrophes

Swiss Re anticipates $40-billion Katrina loss

September 12, 2005 by Canadian Underwriter

Swiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally

News CatastrophesMergers and Aqcuisitions

Alberta collision statistics released (September 12, 2005)

September 12, 2005 by Canadian Underwriter

Traffic collisions on Alberta roads have decreased by less than 1% in 2004 and driver error remains the most common contributing factor, according to the newly released Alberta Collision Statistics 2004. Dr. Lyle Oberg, Alberta’s minister of infrastructure and transportation

News Catastrophes

Katrina damage estimates reach $40-$60 billion

September 12, 2005 by Canadian Underwriter

Risk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had

News CatastrophesMergers and Aqcuisitions

ING compensates 2,400 after Ontario storms

September 9, 2005 by Canadian Underwriter

ING Canada Inc. (TSX:IIC.LV) says it is compensating 2,400 clients of its insurance subsidiaries in Ontario for damage caused by severe thunderstorms that swept across Southern Ontario August 19.ING Canada estimates it will incur gross claims expenses of between $75

News Catastrophes

Fairfax says Katrina losses up to $220 million

September 9, 2005 by Canadian Underwriter

Fairfax Financial Holdings Ltd. (TSX:FFH.SV)(NYSE:FFH) says its initial estimate of the aggregate potential net losses related to Katrina is in the range of $175 million to $220 million before tax and minority interests.The estimated loss after tax and minority interests

News Catastrophes

Katrina estimates reach $35 billion

September 8, 2005 by Canadian Underwriter

Two reinsurance companies estimate the industry loss as a result of the devastation caused by Hurricane Katrina will be in the range of $30 billion to $35 billion.OdysseyRe Holdings Corp. (NYSE: ORH) estimated the aggregate industry loss will be approximately

News CatastrophesMergers and Aqcuisitions

Climate change puts insurers at risk

September 8, 2005 by Canadian Underwriter

U.S. Insurers, government and consumers are at enormous risk of escalating losses from hurricanes and other weather-related events, according to a new report issued by the Ceres investor coalition."Insurance as we know it is threatened by a perfect storm of

News CatastrophesMergers and Aqcuisitions

Insurers give Katrina victims grace period

September 8, 2005 by Canadian Underwriter

Mississippi Insurance Commissioner George Dale issued a voluntary directive last week to insurers doing business in Mississippi to grant a 60-day grace period for collection of premiums owed on all types of insurance policies by residents impacted by Hurricane Katrina.