Topic Catastrophes
What’s new: In brief (September 12, 2004)
September 12, 2004 by Canadian UnderwriterFitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will…
Global reinsurers continue on stable footing: A.M. Best
September 12, 2004 by Canadian UnderwriterA mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…
EQECAT predicts US$3-$18 billion loss if Ivan hits Florida
September 12, 2004 by Canadian UnderwriterRisk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated…
IBC criticizes Newfoundland’s latest actuary report
September 8, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit…
What’s new: In brief (September 08, 2004)
September 8, 2004 by Canadian UnderwriterThe most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance…
Frances likely to be “major loss” to primary insurers
September 7, 2004 by Canadian UnderwriterWhile primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that…
Hurricanes may force reinsurers to readdress frequency issue
September 7, 2004 by Canadian UnderwriterWhile the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a…
What’s new: In brief (September 06, 2004)
September 6, 2004 by Canadian UnderwriterThe friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle…
Hurricane Frances damage estimates reduced to US$2-5 billion
September 6, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially…
Bermuda market maintains profitability in second quarter
September 2, 2004 by Canadian UnderwriterThe Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net…
Frances toll could rival Andrew
September 2, 2004 by Canadian UnderwriterAnalysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the…
Allstate facing US$425 million Charley price tag
September 1, 2004 by Canadian UnderwriterAs insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total…