Hurricanes Devastate Canadian and U.S. East Coast
October 1, 2003 by Canadian UnderwriterThe east coasts of Canada and the U.S. both felt the lash of Mother Nature with hurricanes in the form of Isabel and Juan causing widespread damage over a short period of time. In Canada, Hurricane Juan slammed into Nova…
Atlantic Canada: A Political Roller-Coaster
October 1, 2003 Mike Brien, president of Macdonald Chisholm InsuranceWhile the sharp rate increases introduced by insurers across nearly all lines of business in Atlantic Canada – with personal auto insurance having attracted the brunt of price hikes – are beginning to show positive signs of returned underwriting profitability for the region, the “public relations” cost incurred in the process may well prove that too much was done by the industry over too short a time. The political attention ignited by auto insurance pricing has presented a very real threat of government-run insurance systems being introduced in the region – the impact of which could be dire for insurers and brokers alike.
Risk modeling supports Isabel loss estimate
September 23, 2003 by Canadian UnderwriterRisk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims…
Sobig launches August into top spot for digital attacks
September 3, 2003 by Canadian UnderwriterThe month of August has become the worst month on record for digital attacks, largely on the back of the Sobig malware attack. Sobig is now the most costly digital attack, leaping over the Klez and Love Bug viruses, and…
Aligning Sources & Exposures
September 1, 2003 Perry Brazeau Canada division manager at FM GlobalFrom newspaper headlines to the corporate boardroom, risk management is becoming a high profile proposition. As companies react to stories of corporate scandals and multi-million-dollar lawsuits, how does this align with the long-term risks facing corporations daily. A recent study compared the views of risk managers and financial executives on the greatest threats to their corporations, as well as the best means of addressing these threats.
Slow Burn
September 1, 2003 Glenn McGillivrayAs this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.
Louisiana insurers to pay US$22 million for Tropical Storm Bill
August 20, 2003 by Canadian UnderwriterThe price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance…
Claudette insured losses rise to cat level
July 21, 2003 by Canadian UnderwriterEarly damage estimates from Hurricane Claudette which made landfall in Texas last week and resulted in at least two deaths and property losses across 15 counties has thus far produced insured losses of around US$17 million, according to Texas-based Southwestern…
Louisiana pegs Tropical Storm Bill damage at US$16 million
July 14, 2003 by Canadian UnderwriterThe Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance…
2003 Hurricane Season: La Nina’s Revenge
July 1, 2003 Vikki SpencerInsurers and reinsurers may soon find themselves caught in the “eye of the storm”, as La Nina rears its head once more, bringing in her wake predictions of increased hurricane activity. Should the Atlantic coast be hard hit this year by tropical cyclones, it would be a difficult blow for an industry trying to regain profitability. And, with even more meteorological mayhem expected for the winter season, La Nina may be a very unwelcome visitor indeed.
European floods top cat losses in below-average year: Swiss Re
March 12, 2003 by Canadian UnderwriterInsurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970.…
Natural catastrophe losses increasing dramatically: Munich Re
March 11, 2003 by Canadian UnderwriterA new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.“One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in…