Claims

Allstate predicts $3.68-billion Katrina loss

Allstate estimates its Hurricane Katrina catastrophe claims and claims expenses will amount to $3.68 billion. “Catastrophe claims and claims expense estimates include losses from approximately 216,000 expected claims, of which over 175,000 claims have been reported as of October 13 on our standard auto, non-standard auto, homeowners, commercial and other products,” the company reports in […]

By Canadian Underwriter | October 21, 2005

2 min read

Claims

Renewals prior to Katrina indicate downturn in commercial insurance rates

A recent RIMS Benchmark survey, produced by Advisen Ltd., shows a sharp downturn in commercial insurance rates and indicates that losses from Hurricane Katrina and Hurricane Rita may still cause problems. The success of the p&c industry during the first half of the year – some managers renewing on or after Oct 1 reported increases […]

By Canadian Underwriter | October 20, 2005

2 min read

Claims

Catlin estimates Rita losses at $60 million

Catlin Group Limited (‘CGL’: LSE), a Bermuda-based property and casualty insurer and reinsurer, estimates losses arising from Hurricane Rita will be US$90 million gross of reinsurance and US$60 million on a net basis. Catlin is not revising its Sept. 12 estimate that losses arising from Hurricane Katrina will be US$275 million gross of reinsurance and […]

By Canadian Underwriter | October 19, 2005

1 min read

Claims

Hurricane Wilma threatens Florida

Hurricane Wilma, a Category 5 storm packing maximum sustained winds near 275 km/h, is tracking to hit Mexico and Cuba, en route to reaching the Florida Keys by Oct. 22.The U.S. National Hurricane Center notes Wilma “is forecast to lose some strength as it targets Florida for a weekend landfall.”As of Oct. 19, at 2 […]

By Canadian Underwriter | October 19, 2005

1 min read

Bird Flu pandemic could cause economic crisis

The bird flu pandemic that appears to be creeping westward could be catastrophic for Canada’s manufacturing sector as it has the potential to instigate an economic crisis, according to the Conference Board of Canada.In its report “Performance and Potential 2005-06: The World and Canada: Trends Reshaping Our Future,” the Conference Board warns that Canada’s efforts […]

1 min read

What’s New: In brief (October 18, 2005)

Transatlantic Holdings Inc. recently updated its catastrophe estimates and reports that it expects its net losses from Hurricane Katrina to be about US$195 million after tax. Previously, Transatlantic estimated aftertax losses of US$176 million from Katrina. The Company also expects its net loss from Hurricane Rita to be US$33 million after tax. The New York-based […]

1 min read

AIG donates millions to South Asian earthquake relief

American International Group, Inc. (AIG) recently donated $1 million to support the relief efforts in the areas affected by the earthquake in South Asia and says it will match, by 100%, all donations its employees make to the AIG Disaster Relief Fund.The Company has a business force in South Asia through its joint venture in […]

1 min read

Hurricanes’ slow decline of aviation insurance rates

The aviation insurance market’s renewal season October to December will see a slow down of the recent decline in rates as a result of the hurricanes that struck the US, however recent aviation losses are not expected to effect rates significantly, according to a report by Aon Corp. Aviation hull losses for the first quarter […]

1 min read

Max Re initiates 11 million share offer to raise capital

Max Re Capital Ltd. (Nasdaq: MXRE) recently entered into the capital markets intending to raise money after the losses caused by Hurricanes Katrina and Rita.Max Re plans to sell 11,000,000 of its common shares in an underwritten public offering at a price to the public of $23.50 per share. In addition, Max has granted the […]

1 min read

Arch anticipates losses due to storms

Arch Capital Group Ltd. (NASDAQ: ACGL) recently announced that it expects its third-quarter earnings to be negatively impacted by the losses related to recent catastrophes.The Bermuda-based company estimates its losses from Hurricane Katrina will be $173 million) while Hurricane Rita is expected to reach losses of $48 million. Although less severe, the combined losses of […]

1 min read