Topic Catastrophes
Hurricane predictions revised
August 9, 2004 by Canadian UnderwriterTwo groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of…
Peterborough flood claims to top $71 million
August 5, 2004 by Canadian UnderwriterEarly claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far,…
What’s new: In brief (August 04, 2004)
August 4, 2004 by Canadian UnderwriterToronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO…
Hurricane Alex a mild brother to Isabel
August 3, 2004 by Canadian UnderwriterThe insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major…
What’s new: In brief (August 03, 2004)
August 3, 2004 by Canadian UnderwriterPafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to…
Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires
July 26, 2004 by Canadian UnderwriterLast week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month…
U.S. Senate considers TRIA extension
July 22, 2004 by Canadian UnderwriterThe U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to…
B.C. earthquakes a “wake up call”
July 21, 2004 by Canadian UnderwriterEarthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The…
Edmonton storm losses top $87 million
July 20, 2004 by Canadian UnderwriterInsured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional…
What’s new: In brief (July 18, 2004)
July 18, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is urging homeowners affected by the Peterborough, Ontario floods to check their insurance coverage with their insurer or representative as soon as possible to see if they are covered for sewer back-up. While flooding…
Update: Edmonton storms could prove costly
July 15, 2004 by Canadian Underwriter(Note change in last two paragraphs.)While claims figures are not yet available for flooding and hail damage in the Edmonton area this past weekend, the storms are likely to prove costly for insurers, says Jim Rivait, vice president of the…
State of emergency declared following Peterborough floods
July 15, 2004 by Canadian UnderwriterAdjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…