Canadian Underwriter

Topic Catastrophes

News Catastrophes

Hurricane Hazel anniversary a chance to focus on disaster preparedness: ICLR

October 17, 2004 by Canadian Underwriter

With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc

News Catastrophes

European reinsurers’ yearend targets “blown away” by storm losses: Benfield

October 13, 2004 by Canadian Underwriter

Just as the European reinsurance industry was producing strong results, global storm losses in the third quarter of 2004 stand to wipe out yearend profit forecasts, notes the quarterly review by Benfield Group.Despite good results in the first half, recent

News Catastrophes

What’s new: In brief (October 13, 2004)

October 13, 2004 by Canadian Underwriter

Munich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend

News Catastrophes

What’s new: In brief (October 12, 2004)

October 12, 2004 by Canadian Underwriter

RBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending

News Catastrophes

Personal property results strong despite catastrophes: A.M. Best

October 11, 2004 by Canadian Underwriter

Canadian personal property insurers produced continued strong results in 2003, despite wildfire and hurricane losses, according to a new study by A.M. Best.The statistical study shows the Canadian personal property industry produced a loss ratio of 61% last year, despite

News Catastrophes

Four hurricanes generate record storm claims numbers

October 6, 2004 by Canadian Underwriter

Hurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew

News Catastrophes

Hurricane season outpaced predictions: Gray

October 6, 2004 by Canadian Underwriter

The 2004 Atlantic hurricane season was much worse than anticipated, but will taper off through October, according to the latest predictions by Prof. William Gray and the University of Colorado department of atmospheric science team.Both August and September outpaced expectations,

News Catastrophes

What’s new: In brief (October 04, 2004)

October 4, 2004 by Canadian Underwriter

AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that

News Catastrophes

U.S. storm losses will exceed US$22 billion: III

October 3, 2004 by Canadian Underwriter

The 2004 hurricane season will rank as the second-largest insured loss in U.S. history, according to the Insurance Information Institute (III).The III says losses from the 2004 hurricanes Charley, Frances, Ivan and Jeanne will hit US$22 billion at least. The

News Catastrophes

Insurer storm loss estimates start to pour in

September 30, 2004 by Canadian Underwriter

Many insurers and reinsurers and beginning to count the costs of the 2004 Atlantic hurricane and Pacific typhoon season, and preparing investors for the impact on financial results.One of the hardest hit is Bermuda-based Renaissance Re, which says its third

News Catastrophes

Hurricanes move onto rater radar screens

September 28, 2004 by Canadian Underwriter

Florida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the

News Catastrophes

Jeanne could be the worst hurricane of 2004

September 27, 2004 by Canadian Underwriter

Early estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide