Topic Catastrophes
Mississippi AG sues insurance industry
September 16, 2005 by Canadian UnderwriterMississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast…
Lloyd’s rating stable, despite Katrina losses
September 15, 2005 by Canadian UnderwriterFitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch…
Ophelia losses less than $500 million
September 15, 2005 by Canadian UnderwriterCarvill’s ReAdvisory, a reinsurance intermediary, predicts losses from Hurricane Ophelia “are likely to be light” up to a maximum of $500 million, A.M. Best reports.On-again, off-again Hurricane Ophelia, a Category 1 storm, is continuing to skirt the North Carolina coast…
Reinsurers may be downgraded after Katrina: Moody’s
September 15, 2005 by Canadian UnderwriterMoody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s…
Hurricane Ophelia heads toward North Carolina
September 14, 2005 by Canadian UnderwriterHurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category…
Lloyd’s pegs Katrina losses at US $2.55 billion
September 14, 2005 by Canadian UnderwriterLloyd’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…
Katrina mainly results in commercial lines claims
September 13, 2005 by Canadian UnderwriterCommercial 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…
Climate change affects insurance
September 13, 2005 by Canadian UnderwriterOver 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…
Fitch puts five insurers on Rating Watch
September 13, 2005 by Canadian UnderwriterFitch 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…
Swiss Re anticipates $40-billion Katrina loss
September 12, 2005 by Canadian UnderwriterSwiss 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…
Alberta collision statistics released (September 12, 2005)
September 12, 2005 by Canadian UnderwriterTraffic 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…
Katrina damage estimates reach $40-$60 billion
September 12, 2005 by Canadian UnderwriterRisk 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…