Canadian Underwriter

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Without power, telephones, damage from Hurricane Juan hard to assess

October 1, 2003 by Canadian Underwriter

As most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at

A beach house in Kitty Hawk, NC, is knocked off its moorings by Hurricane Isabel

Hurricanes Devastate Canadian and U.S. East Coast

October 1, 2003 by Canadian Underwriter

The 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

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Mid-Sized Commercial Brokers: Holding the Line

October 1, 2003 Craig Harris

Brokers serving the bigger Canadian commercial risk pool outside of the mega international corporations say that rising insurance industry profitability has not softened the tough approach of insurers to pricing, terms and availability of coverage. But, with many commercial clients across the corporate earnings spectrum suffering through their third consecutive year of premium increases, there is acknowledgement by insurers of growing “market rate fatigue”, brokers add, which is bringing about a slow softening to the pricing of property risks with even a few new underwriters looking to venture into the broader commercial marketplace.

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Moody’s predicts $8.3 billion profit for Lloyd’s

September 26, 2003 by Canadian Underwriter

The London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce

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Risk modeling supports Isabel loss estimate

September 23, 2003 by Canadian Underwriter

Risk 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

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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

News Insurance

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