Canadian Underwriter

Topic Catastrophes

News Catastrophes

Cat securitizations up slightly in 2003

February 5, 2004 by Canadian Underwriter

There 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

News Catastrophes

U.S. cats cost US$12.8 billion in 2003

January 16, 2004 by Canadian Underwriter

U.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

News Catastrophes

Yearend catastrophes highlight rising exposure: Munich Re

January 7, 2004 by Canadian Underwriter

As 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

News Catastrophes

2003 a “modest” year for cat losses: Swiss Re

December 17, 2003 by Canadian Underwriter

A 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),

News Catastrophes

ICLR tells B.C. inquiry forest fire risk can be mitigated

December 10, 2003 by Canadian Underwriter

Speaking 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

News Catastrophes

2003’s busy hurricane season could be repeated in 2004

December 8, 2003 by Canadian Underwriter

Eminent 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

News Catastrophes

California wildfire loss estimate $2 billion: ISO

November 20, 2003 by Canadian Underwriter

Despite 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

News Catastrophes

Moody’s ups California wildfire estimate to US$2.5 billion

November 13, 2003 by Canadian Underwriter

Rating 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

News Catastrophes

Hurricane Juan damage pegged at $85 million

November 7, 2003 by Canadian Underwriter

Damage 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.

News Catastrophes

III pegs California wildfire loss at US$2 billion

November 6, 2003 by Canadian Underwriter

While 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