Topic Catastrophes
ICLR study casts light on government role in disaster mitigation
February 19, 2004 by Canadian UnderwriterA new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services…
Cat bond issues up: Moody’s
February 13, 2004 by Canadian UnderwriterCatastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13…
Cat securitizations up slightly in 2003
February 5, 2004 by Canadian UnderwriterThere was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in…
U.S. cats cost US$12.8 billion in 2003
January 16, 2004 by Canadian UnderwriterU.S. p&c insurers faced a hefty price tag from catastrophes in 2003, with 21 events costing US$12.8 billion, says the Insurance Services Office (ISO) Property Claims Services (PCS). Overall, more than 2.6 million cat claims were filed last year.The is…
Yearend catastrophes highlight rising exposure: Munich Re
January 7, 2004 by Canadian UnderwriterAs 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re…
2003 a “modest” year for cat losses: Swiss Re
December 17, 2003 by Canadian UnderwriterA new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion),…
ICLR tells B.C. inquiry forest fire risk can be mitigated
December 10, 2003 by Canadian UnderwriterSpeaking at the provincial review into B.C.’s “firestorm 2003”, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how…
2003’s busy hurricane season could be repeated in 2004
December 8, 2003 by Canadian UnderwriterEminent hurricane forecaster Prof. William Gray of Colorado State University says the above average hurricane season experienced in 2003 could well be repeated in 2004. “The recent upturn in Atlantic basin major hurricane activity which began in 1995 is expected…
California wildfire loss estimate $2 billion: ISO
November 20, 2003 by Canadian UnderwriterDespite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires…
Moody’s ups California wildfire estimate to US$2.5 billion
November 13, 2003 by Canadian UnderwriterRating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook…
Hurricane Juan damage pegged at $85 million
November 7, 2003 by Canadian UnderwriterDamage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million.…
III pegs California wildfire loss at US$2 billion
November 6, 2003 by Canadian UnderwriterWhile much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed…