Severe Thunderstorms – Canada’s Billion Dollar Risk
September 1, 2003 David Lalonde & Dr. Tim DoggettAccording to the Insurance Bureau of Canada’s (IBC) “Facts 2002”, the individual perils that comprise severe thunderstorms – tornado, hail and straight-line winds – have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.
Storms to Cost U.S. Insurers More Than US$1.55 Billion
June 1, 2003 by Canadian UnderwriterStorms, including tornadoes that ripped through several Midwest U.S. states the first week of May will be among the country’s worst cat storm losses ever, causing an estimated US$1.55 billion in insured damage, says the U.S. Insurance Services Office (ISO).…
Latest U.S. storm insured losses pegged at US$1.55 billion
May 21, 2003 by Canadian UnderwriterA series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims,…
Early May storms could prove most costly ever in U.S.
May 15, 2003 by Canadian UnderwriterStorms, including tornadoes, that ripped through several Midwest U.S. states the first week of May could well exceed the worst storm losses ever, says AIR Worldwide Corp., a division of the U.S. Insurance Services Office (ISO).The previously held record for…
III puts tornado losses at US$290 million
November 15, 2002 by Canadian UnderwriterTornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO),…
April storms strike US$700 million loss
June 1, 2002 by Canadian UnderwriterU.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to…
U.S. insurers hit $700 million from April tornado/storm spree
May 28, 2002 by Canadian UnderwriterU.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to…
Sleeping Giant: Canada’s Wildfire Risk
December 1, 2001 Vikki SpencerIn 1991, fires raged through the hills of eastern San Francisco, killing 25 and leaving thousands homeless. This travesty cost insurers more than US$1.5 billion. Not since the 1906 San Francisco earthquake set that city ablaze, had the world seen…
Tornado rips through Quebec
June 20, 2001 by Canadian UnderwriterA tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and…
Winds of change at home
April 1, 2001 by Canadian UnderwriterCanada has never seen the severity like the twisters that tore through the U.S. in early May, 1999, or the frequency as in the fateful day of April 3, 1974 when 148 twisters touched down in 13 U.S. states –…
IN THE EYE OF THE STORM
April 1, 2001 Glenn McGillivray, assistant vice president & head of corporateThe prospect of a growing tornado loss potential due to underlying increases in exposed insurable equity coupled with the historical frequency associated with tornadoes do not bode well for the insurance industry’s future.
ALBERTA GOVERNMENT ESTABLISHES RELIEF PACKAGE
September 1, 2000 by Canadian UnderwriterAlthough much of the damage caused by the Pine Lake tornado was insured, the Alberta government has set aside funds to pay for uninsured losses and to cover emergency service expenses. The multimillion-dollar relief package includes an automatic $3,000 award…