Canadian Underwriter

Hurricane Juan claims trickle in

October 2, 2003   by Canadian Underwriter

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Canadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.
Insurers are just now looking at their exposures, with two companies making formal statements about projected losses.
ING Insurance says more than 400 clients have reported damage to homes, cars, boats or businesses. The company estimates its exposure at $5 million, says ING Canada Atlantic division president Dennis Furlong.
He adds that the company is already processing claims, and in some cases contractors are already making repairs, despite the closure of ING’s Halifax office as a result of power outages following the hurricane.
Royal & SunAlliance Insurance Co. of Canada is reporting 300 claims calls from policyholders in Nova Scotia and PEI, mainly on personal property. Currently there are 15 commercial losses reported.
Both insurers, along with many others, have sent special adjusting teams to the region to deal with the deluge of claims expected.
No estimate of overall insured losses has been made yet, but many sources point to significant losses, particularly as a result of fallen trees and flying debris.

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