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ISO pegs Katrina losses at $34.4 billion

October 5, 2005 by Canadian Underwriter

Hurricane Katrina is expected to cost U.S. property and casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.Katrina caused widespread damage

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What’s New: In brief

October 5, 2005 by Canadian Underwriter

Canada-specific software solutions developer PowerSoft and provider of technology solutions for the p&c insurance industry Applied Systems Canada have integrated PowerSoft’s PowerQuote rate comparison and sales tool with Applied Systems’ agency management systems, The Agency Manager (TAM) and TAMOnline. Making

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ACE Ltd. to sell $1.3 billion in shares

October 4, 2005 by Canadian Underwriter

ACE Limited (NYSE: ACE) is selling 28 million of its ordinary shares at a price of $45.58 per share in a public offering expected to raise gross proceeds of more than $1.3 billion.ACE has also granted to underwriters an option

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Hurricane Katrina losses updated

October 1, 2005 by Canadian Underwriter

Private-sector insured losses resulting from Hurricane Katrina are now expected to reach US$40-$60 billion with total economic losses exceeding US$125 billion, while losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured

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Feature

Preparing for the worst

October 1, 2005 David Gambrill, Editor

As the old saying goes, those who ignore history are doomed to repeat it. That’s why some form of publicly funded program should be created for Canadian cities that wish to heed more than a decade of advanced research and

Feature

Hurricane Rita losses estimated

October 1, 2005 by Canadian Underwriter

Catastrophic risk modeling company’s Risk Management Solutions (RMS) and AIR Worldwide Corporation estimate that insured losses resulting from Hurricane Rita range from $2.5 billion to $7 billion. Based on current information on Rita’s landfall location and wind speeds, RMS estimates

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Katrina victims offered retroactive flood coverage

September 30, 2005 by Canadian Underwriter

While individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy

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Total property damage from Katrina storm surge estimated

September 29, 2005 by Canadian Underwriter

Property damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and

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Newfoundland floods call for state of emergency

September 28, 2005 by Canadian Underwriter

Heavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a

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RMS predicts Rita damages of US$4-7 billion

September 26, 2005 by Canadian Underwriter

Risk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.“Hurricane Rita is comparable to last year’s Charley in that

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Private-sector losses from Katrina US$40-US$60 billion, RMS

September 23, 2005 by Canadian Underwriter

Risk Management Solutions (RMS) recently stated it will expand its methodologies for estimating insured losses using real-time reconnaissance data, catastrophe models and databases of insurance industry exposure. RMS says it still anticipates that private-sector insured losses from Hurricane Katrina will

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EQECAT estimates Katrina-related losses

September 23, 2005 by Canadian Underwriter

Based on a recent analysis, EQECAT, Inc. estimates insured losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages related to Hurricane Katrina are between US$11 billion and US$19 billion.