Topic Catastrophes
What’s new: In brief (February 14, 2005)
February 14, 2005 by Canadian UnderwriterAIG announced Monday it has received subpoenas from the U.S. Securities Exchange Commission (SEC) and the office of New York Attorney General Eliot Spitzer. In a statement, AIG says, “subsequent to the earnings conference call on Wednesday, February 9, AIG…
Hurricanes drive up 2004 cat costs: ISO
February 10, 2005 by Canadian UnderwriterThe quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade…
What’s new: In brief (February 07, 2005)
February 7, 2005 by Canadian UnderwriterZurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the…
Australian storms produce $115 million loss
February 6, 2005 by Canadian UnderwriterRecent storms across Australia are expected to produce AU$120 million (Cdn$115.5 million) in claims, according to preliminary estimates from the country’s Insurance Disaster Response Organisation (IDRO).The IDRO says insurers should face almost 30,000 claims from the storms which hit New…
S&P comments on potential non-renewal of TRIA
February 3, 2005 by Canadian UnderwriterWith no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard…
S&P predicts Florida homeowners’ rates to rise 10%
February 2, 2005 by Canadian UnderwriterAs the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape…
What’s new: In brief (February 02, 2005)
February 2, 2005 by Canadian UnderwriterLloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While…
Tsunami insured losses estimated at US$4 billion
January 31, 2005 by Canadian UnderwriterInsured losses from the December 26, 2004 Asian tsunami have been estimated at less than US$4 billion by U.S. risk modeling firm Risk Management Solutions (RMS).The majority of claims will be for property damage, including homes, vehicles, boats and ships,…
What’s new: In brief (January 27, 2005)
January 27, 2005 by Canadian UnderwriterCGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a…
Suncor shutdown expected to net significant insurance bill
January 25, 2005 by Canadian UnderwriterThe shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is…
Insurers have role to play in developing countries: Swiss Re
January 25, 2005 by Canadian UnderwriterIn the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that…
Hurricane Ivan halts softening in energy sector: Guy Carpenter
January 24, 2005 by Canadian UnderwriterThe damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”,…