Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently…
A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands…
Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of…
A mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…
Risk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated…
The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance…
While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that…
While the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a…
Insured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially…
Analysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the…
The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net…
As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total…