Canadian Underwriter

What’s new: In brief (August 29, 2004)

August 29, 2004   by Canadian Underwriter

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CNA 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 (TWIG) has joined with BC-based Travel Underwriters to launch a blended critical illness and travel coverage plan. TWIG says the coverage responds to the fact that more and more people are surviving serious illness and looking for options for critical illness coverage.

China is reeling from the devastation of Typhoon Aere, which made landfall on August 25 and caused the evacuation of more than one million people and is being blamed for at least 24 deaths. Thousands of homes were destroyed and reservoirs and dams were damaged by the powerful storm, which dropped more than 1.3 meters of rain in some areas. Economic damages are estimated at more than US$2 billion. The storm also wreaked havoc on the Philippines, with at least 12 people dead or missing.

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