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Isabel could cost U.S. insurers US$1 billion

September 22, 2003 by Canadian Underwriter

In the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath

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ICLR offers damage mitigation tips in wait of Isabel

September 19, 2003 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane

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RMS predicts US$500 million or more in losses from Isabel

September 17, 2003 by Canadian Underwriter

Risk modeling firm Risk Management Solutions (RMS) is predicting that Hurricane Isabel, which has not yet hit the U.S. coast, could cause as much as US$500 million in insured damage. This depends on the storm maintaining its current tracked, headed

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Personal lines rates up in U.S.

September 11, 2003 by Canadian Underwriter

Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected

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Hurricane Fabian could take US$350 million toll on insurers

September 8, 2003 by Canadian Underwriter

Hurricane Fabian, which bashed the island of Bermuda on Friday with sustained winds of 120 mph, could cost insurers US$300-$350 million, according to risk modeling firm AIR Worldwide Inc.AIR Worldwide senior vice president, Pat Donahue, says the figure is based


Slow Burn

September 1, 2003 Glenn McGillivray

As this is being read, hundreds of wildfires are burning in the interior of British Columbia, and they could very well make Canadian insurance history.

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Black Summer…

September 1, 2003 Sean van Zyl, Editor

Those in the industry who had been looking forward to an easy-going summer would have been jolted by the series of adverse events that seemed to cascade one after the other in the final stages of the season. Basically, short

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Louisiana insurers to pay US$22 million for Tropical Storm Bill

August 20, 2003 by Canadian Underwriter

The 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


Reinsurance Outlook: 2003 CAT Rates

August 1, 2003 Catherine Fagan, assistant vice president atSwiss Reinsurance Co. Canada

Although pricing of catastrophe covers began rising in the wake of the 9/11 terrorist attack, it is important to note that these rate increases only brought premium levels to a point last seen almost a decade ago. Should the Canadian insurance industry see a normal “cat burden” for 2003, then the combination of primary and reinsurance rate increases should be enough to allow reinsurers to see improved combined ratios at yearend. But, whether the market’s result will be good enough remains to be seen. Swiss Re’s annual cat study highlights the major factors likely to come into play in evaluating and pricing exposures.


Storm Costs Hit Canadian and U.S. Insurers

August 1, 2003 by Canadian Underwriter

Damage to vehicles as a result of hailstorms that struck Manitoba in mid-July has reached $2.5 million, the province’s public insurer reports. Manitoba Public Insurance (MPI) has received about 1,400 claims to date. Generally vehicle damage claims from the hail

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Claudette insured losses rise to cat level

July 21, 2003 by Canadian Underwriter

Early 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


2003 Hurricane Season: La Nina’s Revenge

July 1, 2003 Vikki Spencer

Insurers 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.