Topic Catastrophes
What’s new: In brief (August 29, 2004)
August 29, 2004 by Canadian UnderwriterCNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group…
Hamilton firm handles Charley claims
August 26, 2004 by Canadian UnderwriterA Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf…
Charley highlights business coverage issues
August 26, 2004 by Canadian UnderwriterA new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be…
ISO pegs Charley loss at US$6.8 billion
August 25, 2004 by Canadian UnderwriterThe total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in…
What’s new: In brief (August 25, 2004)
August 25, 2004 by Canadian UnderwriterThe crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation…
TSR says another hurricane likely (August 23, 2004)
August 23, 2004 by Canadian UnderwriterOn the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast…
Fairfax expects US$35 million Charley loss
August 23, 2004 by Canadian UnderwriterToronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning…
III pegs Charley loss at US$7.4 billion
August 19, 2004 by Canadian UnderwriterWith insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total…
Hurricane Charley loss estimates rise
August 17, 2004 by Canadian UnderwriterEarly insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped…
Hurricane Charley loss less than expected
August 16, 2004 by Canadian UnderwriterThe estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due…
Florida braces for hurricane blast
August 12, 2004 by Canadian UnderwriterAbout 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of…
Texas storm losses cost insurers US$175 million
August 10, 2004 by Canadian UnderwriterStorms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about…