Claims

Ophelia losses less than $500 million

Carvill’s ReAdvisory, a reinsurance intermediary, predicts losses from Hurricane Ophelia “are likely to be light” up to a maximum of $500 million, A.M. Best reports.On-again, off-again Hurricane Ophelia, a Category 1 storm, is continuing to skirt the North Carolina coast for a second day, bringing drenching rains to the state.A.M. Best cited Steve Smith, an […]

By Canadian Underwriter | September 15, 2005

1 min read

Claims

Reinsurers may be downgraded after Katrina: Moody’s

Moody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s report notes devastation wrought by Hurricane Katrina will almost certainly cause an unprecedented level of […]

By Canadian Underwriter | September 15, 2005

2 min read

Claims

Hurricane Ophelia heads toward North Carolina

Hurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category 1 hurricane.The center of Ophelia is forecast to make landfall on Thursday, Sept. 15 along […]

By Canadian Underwriter | September 14, 2005

1 min read

Claims

Lloyd’s pegs Katrina losses at US $2.55 billion

Lloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net loss to the market of 1.3 billion (U.S. $2.37 billion).Lloyd’s wrote to all 44 managing […]

By Canadian Underwriter | September 14, 2005

2 min read

Katrina mainly results in commercial lines claims

Commercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent hurricane according to Moody’s analyst Jeff Berg. In a report presented at the annual Rendes-Vous […]

1 min read

Climate change affects insurance

Over the past 30 years loses resulting from catastrophic weather events are growing 10 times faster than premiums meaning that if the trend continues, the insurance industry may have to deal with a decrease in coverage and increased costs, according to a recent report commissioned by Ceres.The report states that a trend of higher losses […]

1 min read

Fitch puts five insurers on Rating Watch

Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re Holdings, Ltd., PXRE Group Ltd., and State Farm Mutual Automobile Insurance Co.Fitch said it placed […]

2 min read

Swiss Re anticipates $40-billion Katrina loss

Swiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally Swiss Re estimated a loss of US $500 million for Hurricane Katrina, on the basis […]

1 min read

Alberta collision statistics released (September 12, 2005)

Traffic collisions on Alberta roads have decreased by less than 1% in 2004 and driver error remains the most common contributing factor, according to the newly released Alberta Collision Statistics 2004. Dr. Lyle Oberg, Alberta’s minister of infrastructure and transportation said, “I am relieved things aren’t getting worse, but I am also frustrated that things […]

1 min read

Katrina damage estimates reach $40-$60 billion

Risk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had estimated insured losses at $20 to $35 billion and economic losses at more than $100 […]

1 min read