Segment
Reinsurance
AIR estimates Wilma damages at $6 billion to $9 billion
October 24, 2005 by Canadian UnderwriterCatastrophe risk modeling company AIR Worldwide Corporation estimates U.S. insured losses from Hurricane Wilma will be between $6 billion and $9 billion. Wilma strengthened overnight and made landfall at 6:30 a.m. on Oct. 24 at Cape Romano, Florida, as a…
Allstate predicts $3.68-billion Katrina loss
October 21, 2005 by Canadian UnderwriterAllstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13…
Catlin estimates Rita losses at $60 million
October 19, 2005 by Canadian UnderwriterCatlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12…
Hurricane Wilma threatens Florida
October 19, 2005 by Canadian UnderwriterHurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose…
US NAIC approves finite reinsurance disclosure requirements
October 18, 2005 by Canadian UnderwriterThe full body of the National Association of Insurance Commissioners (NAIC) recently approved enhanced disclosure requirements for US insurers that utilize finite reinsurance reinsurance with limited risk transfer features. The recent misuse of finite reinsurance by a few major insurers…
Ratings agency creates ERM rating for insurers
October 17, 2005 by Canadian UnderwriterStandard & Poor’s Ratings Services has developed a separate enterprise risk management (ERM) category for insurers and other financial institutions, the ratings service has announced. “What the new ERM category delivers to investors is greater transparency, in that users of…
British insurers underestimating capital: regulator
October 14, 2005 by Canadian UnderwriterBritain’s insurance regulator, the Financial Services Authority, says British insurance companies are underestimating how much capital “they need to maintain so that there is no significant risk that they are unable to pay liabilities as they fall due.”Furthermore, he added,…
Max Re initiates 11 million share offer to raise capital
October 12, 2005 by Canadian UnderwriterMax Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at…
Fairfax says Katrina losses reach $388 million
October 11, 2005 by Canadian UnderwriterFairfax Financial Holdings Ltd. has updated its predicted net Hurricane Katrina pre-tax losses to $388 million and post-tax losses to $233 million.The company said the new estimate reflects new information received and an expected aggregate industry loss estimate of approximately…
Katrina losses predicted to exceed 9/11
October 7, 2005 by Canadian UnderwriterHurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. “Katrina will displace the September 11th terrorist attacks as…
AON proposes terrorism insurance pool
October 6, 2005 by Canadian UnderwriterAon Re, a unit of Aon Corporation (NYSE: AOC), recently called for the implementation of some form of a privately funded, federally mandated “facility” and bonding process that would support insurers’ in their ability provide adequate and affordable terrorism coverage…
P&C industry in U.S. sees net income rise 29%
October 5, 2005 by Canadian UnderwriterThe U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and…