Topic Catastrophes
2003 a “modest” year for cat losses: Swiss Re
December 17, 2003 by Canadian UnderwriterA 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),…
ICLR tells B.C. inquiry forest fire risk can be mitigated
December 10, 2003 by Canadian UnderwriterSpeaking 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…
2003’s busy hurricane season could be repeated in 2004
December 8, 2003 by Canadian UnderwriterEminent 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…
California wildfire loss estimate $2 billion: ISO
November 20, 2003 by Canadian UnderwriterDespite 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…
Moody’s ups California wildfire estimate to US$2.5 billion
November 13, 2003 by Canadian UnderwriterRating 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…
Hurricane Juan damage pegged at $85 million
November 7, 2003 by Canadian UnderwriterDamage 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.…
III pegs California wildfire loss at US$2 billion
November 6, 2003 by Canadian UnderwriterWhile 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…