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Lili losses less than US$500 million, predicts EQECAT

October 9, 2002 by Canadian Underwriter

With the downgrade of Hurricane Lili to Category 2 prior to landfall in Louisiana, it is now estimated that U.S. insurers will suffer less than US$500 million in property wind damage claims, says catastrophe management services company EQECAT.While there is

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Early Lili estimates around $600 million: AIR update

October 4, 2002 by Canadian Underwriter

An early update on Hurricane Lili’s impact on Louisiana suggests that losses with be in the billions. An alert from AIR Worldwide Corp. suggests that wind damage from the category 2 hurricane alone could reach US$600 million. The AIR tropical

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Hurricane Lili damage less than anticipated: RMS

October 4, 2002 by Canadian Underwriter

Hurricane Lili will not be the insurance loss originally feared, predicts California-based Risk Management Solutions.Originally, when Lili was a category 4 hurricane, 24 hours before landfall, the company’s probability system at www.riskonline.com had predicted mean losses of US$3.2 billion. There

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Isidore wreaks US$100 million damage on Louisiana (October 01, 2002)

October 1, 2002 by Canadian Underwriter

Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused

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Isidore wreaks US$100 million damage on Louisiana (October 01, 2002)

October 1, 2002 by Canadian Underwriter

Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator. Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state,

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Lighter than normal hurricane season expected, scientists say

August 8, 2002 by Canadian Underwriter

Researchers at Colorado State University’s hurricane forecast team say this year’s hurricane season should be less punishing than previously thought. Despite the recent appearance of tropical storms Arthur and Bertha in the Atlantic basin, atmospheric conditions since the start of

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Risk Management: The Road Less Traveled

August 1, 2002 Vikki Spencer

For risk managers facing January renewals on their insurance portfolios, 2002 was the year of sticker shock and worse. Along with dramatic price increases came new exclusions for mold, cyber risks and terrorism, reduced limits and a struggle to find capacity in the marketplace. But is the headache over? Risk managers expect that it is not, bracing themselves for an uncertain future and wondering when will the hard market end. And many are also looking seriously at options beyond insurance that may have held little appeal in the buyer’s market, but are becoming increasingly attractive in the current seller’s market. At the same time, there is recognition that captives, reciprocals, capital markets and more represent uncharted territory which many within the risk management profession find daunting.

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Reinsurance Broker Perspective: Where are the Good Old Days?

July 1, 2002 Don Alexander of Guy Carpenter Canada

Trying to “crystal ball” the outcome of the upcoming yearend reinsurance renewal season is something I am not going to hazard a chance at. However, based on the dismal company financial returns for 2001, and the “no nonsense” approach of underwriters during the current year, it is safe to say that securing treaties for 2003 will require skillful negotiation.

Exhibits 6 & 7
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2002 Cat Rate Comparison

July 1, 2002 Catherine Fagan, assistant vice president of Swiss Reinsurance C

The potential threat to the insurance industry of man-made catastrophic disasters was brought under the spotlight by the events of September 11. While considerable attention is being given to evaluate these risks at both the primary and reinsurance levels, as an industry we should not forget the hazard and need for adequate pricing of natural disaster exposures.

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Q1 2002 net income drops for U.S. p&c industry

June 26, 2002 by Canadian Underwriter

Despite widespread rate hardening and improved underwriting results, the U.S. p&c industry saw its net income fall 7.3% for the first quarter 2002 largely as a result of declining investment returns, says the Insurance Services Office (ISO). Net income was

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ISO raises WTC insured loss estimate by US$3.7 billion

June 19, 2002 by Canadian Underwriter

The New York-based Insurance Services Office Inc. (ISO) has readjusted its insured property loss estimate from the World Trade Center (WTC) and Pentagon terrorist attacks of last year by US$3.7 billion to a total of US$20.3 billion.This latest loss figure,

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Looking Back… or to the Future?

April 1, 2002 Sean van Zyl, Editor

After almost 10 years to the day since piloting the course of the Insurance Bureau of Canada (IBC), George Anderson has signaled a personal change in course. The long-standing president of the IBC — who held office during perhaps the “hottest political period” the property and casualty insurance industry faced to date — has retired, allowing what he describes as “new blood to step forward”.