Hurricanes move onto rater radar screens
September 28, 2004 by Canadian UnderwriterFlorida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the…
Jeanne could be the worst hurricane of 2004
September 27, 2004 by Canadian UnderwriterEarly estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide…
Jeanne makes history in Florida
September 26, 2004 by Canadian UnderwriterHurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For…
U.S. insurers face up to US$4.4 billion Frances tab
September 23, 2004 by Canadian UnderwriterThe total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners…
Ivan loss estimates lower than first thought
September 22, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the…
What’s new: In brief (September 21, 2004)
September 21, 2004 by Canadian UnderwriterLloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but…
What’s new: In brief (September 20, 2004)
September 20, 2004 by Canadian UnderwriterWindow cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting…
Benfield “hazard review” addresses “Day After Tomorrow” scenario
September 19, 2004 by Canadian UnderwriterWhile the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research,…
Charley, Frances and Ivan combined could top Andrew
September 19, 2004 by Canadian UnderwriterWith Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm…
Ivan damage less than expected, but losses still mounting
September 16, 2004 by Canadian UnderwriterRisk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions…
Hurricanes put property catastrophe reinsurance in the spotlight
September 15, 2004 by Canadian UnderwriterTwo new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance…
Ivan targets Alabama; damage could reach US$10 billion
September 15, 2004 by Canadian UnderwriterHurricane Ivan was making its unwelcome arrival on the coast of Alabama late Wednesday, and risk modeler Risk Management Solutions (RMS) says the storm could produce US$4-$10 billion in insured damage based on current forecasts.RMS says the high end of…