Claims

Jewelery insurer says Katrina looting costs $700,000

Looting in New Orleans in the wake of Hurricane Katrina has cost Jewelers Mutual Insurance Co. nearly $700,000 in claims, the company’s chief operating officer has told A.M. Best’s news service.Jewelers Mutual is based in the U.S. and also operates in Alberta, P.E.I., Saskatchewan, the Northwest Territories and the Yukon. It is the only insurance […]

By Canadian Underwriter | October 4, 2005

2 min read

Claims

Katrina victims offered retroactive flood coverage

While individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy retroactively into the federal government’s National Flood Insurance Program (NFIP).As reported by A.M. Best, if […]

By Canadian Underwriter | September 30, 2005

2 min read

Claims

Total property damage from Katrina storm surge estimated

Property damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and modeling at AIR Worldwide, says. “While the flooding of New Orleans in the aftermath of […]

By Canadian Underwriter | September 29, 2005

1 min read

Claims

Standard & Poor’s downgrades global reinsurance outlook

Standard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.”The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number of downgrades is expected to be modest,” the company indicated in a release. “The negative […]

By Canadian Underwriter | September 29, 2005

2 min read

Fairfax issues $300-million worth of voting shares

Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising significant equity at this time with a view to bulletproofing its balance sheet and achieving […]

1 min read

Newfoundland floods call for state of emergency

Heavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a pair of river, which is ultimately what prompted residents to leave and a state of […]

1 min read

Munich Re total hurricane damages US$1.6 billion

Munich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it will achieve a 12% return on equity this year, as long as the purchase of […]

2 min read

Global reinsurance sector receives stable outlook, despite hurricanes

An initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be manageable in relation to the sector’s overall capital base. As long as no further shock […]

1 min read

CertifiedFirst Network courses accredited

PPG Canada Inc. recently received technical accreditation from RIBO (Registered Insurance Brokers of Ontario) for three of the technical courses the Company offers through the CertifiedFirst Network.Collision Repair for Insurers (three hours credit) is one of the accredited courses that offers a step-by-step guided shop tour, which explains the entire auto repair process. The information […]

2 min read

RMS predicts Rita damages of US$4-7 billion

Risk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.”Hurricane Rita is comparable to last year’s Charley in that its damage is spread across a low population density region of agricultural and fishing-related industries,” […]

2 min read