Canadian Underwriter

What’s New: In brief (June 15, 2005)

June 15, 2005   by Canadian Underwriter

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Flood registration centers recently opened to assist Albertans who have been impacted by recent flooding. Claims can be made at any registration center call 1-888-671-1111 for more information on the claims process. The $55 million disaster recovery program covers damage for homeowners, tenants and small businesses in cases where insurance is not readily and easily available such when damage is a result from flooding caused by water entering through basement windows, window wells, weeping tiles and other sources. The first thing affected Albertans are being directed to do is contact their insurance company to see what coverage they have. If the damage is not covered by their insurance policy, they are than directed to approach the recovery program registration center to register a claim. A picture ID with the address of the affected property, a home insurance policy and letter from the claimants insurance company indicating what damage is not covered by their coverage and a detailed list of all property damaged or destroyed, are required by the registration center.

The National Hurricane Center (NHC) forecasts seven to nine Atlantic hurricanes. Reviewing the NHC’s reports, EQECAT Inc., an extreme risk modeler, has reiterated NHC’s claims in its review of hurricane trends, indicating more than a one in three chance of large hurricane catastrophe-losses in the United States in the current season. The NHC says this year will be above average for hurricanes. “Although the current season might not be as severe and unusual as the 2004 season,” Tom Larsen, senior vice president of EQECAT says, “the potential for large losses in 2005 is likely to be troubling to insurers and reinsurers, which will have to cover the potential hurricane damage claims.” Recent NHC forecasts indicate 12 to 15 storms will occur in 2005 and of these, seven to nine known storms expected for 2005, with three to five expected to be major hurricanes. NHC also says the accumulated cyclone energy (ACE) index of storms in the current season will be between 120% -190% of the median value.

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