Topic Catastrophes
Insurers give Katrina victims grace period
September 8, 2005 by Canadian UnderwriterMississippi 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.…
Katrina damage estimate reaches $20-$35 billion
September 7, 2005 by Canadian UnderwriterEstimated insured losses from Hurricane Katrina’s direct impact have increased to $20-$35 billion, according to Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk. On the day of Katrina’s landfall on the Gulf…
EQECAT raises Katrina damage estimate
September 7, 2005 by Canadian UnderwriterPotential insured losses resulting from Hurricane Katrina and its aftermath could range between $14 billion to $22 billion, according to EQECAT Inc. of Oakland, California, a company that develops software technology for extreme risk modeling. “Over the last few days…
Ontario storm costs $400 million (September 06, 2005)
September 6, 2005 by Canadian UnderwriterCanada’s car, home and business insurers expect to pay out more than $400 million to help Southern Ontario recover from an August 19 storm that resulted in what the IBC calls the “highest insured loss in Ontario history.”“To date, insurance…
Insurance industry prepared for Hurricane Katrina
September 6, 2005 by Canadian UnderwriterThe U.S. property and casualty industry has enough capital and liquidity to withstand claims arising from Hurricane Katrina, one of the most devastating natural disasters in U.S. history, says the National Association of Insurance Commissioners (NAIC).Headquartered in Kansas City, Missouri,…
National catastrophe reinurance facility called for
September 2, 2005 by Canadian UnderwriterThe U.S. Department of the Treasury was recently called upon to develop a national catastrophe reinsurance facility. Florida congresswoman Ginny Brown-Waite, R-Fla., is trying to gain support for H.R. 846, the Homeowners’ Insurance Availability Act of 2005. The proposal will…
Hannover Re anticipates US$300 million loss
September 2, 2005 by Canadian UnderwriterHurricane ‘Katrina has heavily impacted reinsurer’s including Hannover Re, which estimates its net losses before tax to reach around US$314 million.Even though the Company says Katrina may be the “most expensive ever natural disaster suffered by insurers in industry history,”…
Katrina causes economic loss of US$100 billion
September 2, 2005 by Canadian UnderwriterThe economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal…
Retrocessional reinsurance hit by Katrina
September 1, 2005 by Canadian UnderwriterLarge losses incurred as a result of Katrina will hit the retrocessional reinsurance insurance purchased by reinsurers in order to spread their primary insurance company risks market hard, experts say. Retrocessional reinsurance is one of the riskiest in the insurance…
Katrina to cause auto insurance increase
September 1, 2005 by Canadian UnderwriterDrivers in the affected areas of Louisiana, Mississippi and Alabama may see an auto insurance rate increase of 5% to 10% as a result of the anticipated $1 billion in losses for cars damaged by Katrina.Homeowners will likely see an…
Swiss Re estimates its Hurricane Katrina claims to be in the range of US $500 million
August 31, 2005 by Canadian UnderwriterSwiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance…
Lloyds anticipates significant claims post Katrina
August 31, 2005 by Canadian UnderwriterIn a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.“Lloyd’s expects to receive significant insurance claims as a result of Hurricane…