Hurricane Charley loss estimates rise
August 17, 2004 by Canadian UnderwriterEarly insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped…
Hurricane Charley loss less than expected
August 16, 2004 by Canadian UnderwriterThe estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due…
Florida braces for hurricane blast
August 12, 2004 by Canadian UnderwriterAbout 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of…
Hurricane predictions revised
August 9, 2004 by Canadian UnderwriterTwo groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of…
Hurricane Alex a mild brother to Isabel
August 3, 2004 by Canadian UnderwriterThe insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major…
Views (August 01, 2004)
August 1, 2004 by Canadian UnderwriterCARSTAR Automotive Canada teamed up with “Young & The Restless” star Melody Thomas Scott (Nikki Newman) to kick-off the first annual CARSTAR “Soaps it Up for Cystic Fibrosis” National Car Wash. CARSTAR shops across Canada raised more than $30,000 for…
2003 a far cry from 2002 for Canadian insurers: A.M. Best
July 25, 2004 by Canadian UnderwriterThe massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of…
State of emergency declared following Peterborough floods
July 15, 2004 by Canadian UnderwriterAdjusters have already made their way to Peterborough, Ontario, where flooding has left the city in a state of emergency. While no damage figures are yet available, the city faces massive clean-up as basements flooded and roads washed away in…
The Independent Touch
July 1, 2004 Vikki SpencerThe Canadian Independent Adjusters Association (CIAA) raised its profile earlier this year by winning special status for adjusters under the new federal privacy legislation. The move capped off 2003, one of the busiest years adjusters have ever faced, with disasters both natural and man-made in the form of Hurricane Juan, the B.C. forest fires and the debacle of auto insurance. As she assumes the association’s presidency, Carol Messervey hopes to turn the high profile of the profession into a rallying point for the national association.
The “Exclusion Monster”
July 1, 2004 Rob FinnieMost people who work in insurance are also purchasers of insurance. We see insurance as something that has a value to us, providing protection for ourselves and our families. But, I would like to speak as a consumer about coverages and exclusions, and offer a few thoughts about how we can improve this industry’s image by giving consumers what they want.
U.S. first quarter results shine on underwriting gains
June 29, 2004 by Canadian UnderwriterU.S. property and casualty insurers have cause to celebrate, posting net income for the first quarter more than double that reported a year earlier, as rate increases over the past three years make their way to the bottom-line.Overall, net income…
What’s new: In brief (June 15, 2004)
June 15, 2004 by Canadian UnderwriterConverium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.…