EQECAT raises Katrina damage estimate
September 7, 2005 by Canadian UnderwriterPotential insured losses resulting from Hurricane Katrina and its aftermath could range between $14 billion to $22 billion, according to EQECAT Inc. of Oakland, California, a company that develops software technology for extreme risk modeling. “Over the last few days…
Ontario storm costs $400 million (September 06, 2005)
September 6, 2005 by Canadian UnderwriterCanada’s car, home and business insurers expect to pay out more than $400 million to help Southern Ontario recover from an August 19 storm that resulted in what the IBC calls the “highest insured loss in Ontario history.”“To date, insurance…
Katrina causes economic loss of US$100 billion
September 2, 2005 by Canadian UnderwriterThe economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal…
Katrina to cause auto insurance increase
September 1, 2005 by Canadian UnderwriterDrivers in the affected areas of Louisiana, Mississippi and Alabama may see an auto insurance rate increase of 5% to 10% as a result of the anticipated $1 billion in losses for cars damaged by Katrina.Homeowners will likely see an…
Hurricane Katrina
September 1, 2005 by Canadian UnderwriterMost expensive natural disaster to hit insurers
Catastrophe bonds bear Katrina’s brunt
September 1, 2005 by Canadian UnderwriterAlthough industry insured losses resulting from damages left in Katrina’s wake are estimated at a substantial US$15 – US$25 billion, outstanding hurricane-related catastrophe bonds are expected to remain safe. “Nevertheless, based on a preliminary analysis, it appears that the damage…
Reinsurers weigh in on Katrina’s cost
September 1, 2005 by Canadian UnderwriterDespite the severity of loses incurred due to Katrina, it is expected that both insurance and reinsurance companies will fulfill their policyholder commitments with little detriment to individual company ratings. The first 72 hours after Katrina hit, however, caused a…
Ontario storm costs $400 million (September 01, 2005)
September 1, 2005 by Canadian UnderwriterCanada’s car, home and business insurers will likely have to pay out more than $400 million to help Southern Ontario recover from the storm that hit on August 19, resulting in what the IBC calls the “highest insured loss in…
Katrina’s Waves
September 1, 2005 Steve Wilson, Senior PublisherThe initial impressions of Hurricane Katrina were television shots of devastating winds and pounding storm surges. The images confirmed what many had predicted – a severe Category 4 or a Category 5 hurricane but nothing that the Southeastern U.S. and…
Cutting CAT Costs
August 1, 2005 Kyle Urech of Disaster Kleenup CanadaOnce again, the 2005 storm season is showing signs of unremitting squally skies – a daunting reality considering the insurance industry just recently dealt with catastrophes (CATs) including, BC forest fires, flooding in Edmonton and Peterborough and Hurricane Juan, to name but a few. While insurers have been doing a very good job of planning ahead for such catastrophes often, their plans do not include their service providers who are meant to mobilize in response to a CAT. This oversight may result in greater costs incurred.
Montreal highways hit with flash floods
July 7, 2005 by Canadian UnderwriterMontreal highways were recently flooded by a heavy flash flood. According to Const. Chantal Mackels, with the Quebec provincial police, no one was injured. However, she adds some drivers were caught in flood waters and had to be rescued by…
Storm damage claims increase insured and uninsured losses by two-thirds
July 1, 2005 by Canadian UnderwriterCombined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI). The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected…