Claims

ING compensates 2,400 after Ontario storms

ING Canada Inc. (TSX:IIC.LV) says it is compensating 2,400 clients of its insurance subsidiaries in Ontario for damage caused by severe thunderstorms that swept across Southern Ontario August 19.ING Canada estimates it will incur gross claims expenses of between $75 million and $100 million due to the storms, for a pre-tax loss of between $30 […]

By Canadian Underwriter | September 9, 2005

1 min read

Claims

Fairfax says Katrina losses up to $220 million

Fairfax Financial Holdings Ltd. (TSX:FFH.SV)(NYSE:FFH) says its initial estimate of the aggregate potential net losses related to Katrina is in the range of $175 million to $220 million before tax and minority interests.The estimated loss after tax and minority interests is $108 million to $134 million. The estimates are based on a preliminary review and […]

By Canadian Underwriter | September 9, 2005

1 min read

Claims

Katrina estimates reach $35 billion

Two reinsurance companies estimate the industry loss as a result of the devastation caused by Hurricane Katrina will be in the range of $30 billion to $35 billion.OdysseyRe Holdings Corp. (NYSE: ORH) estimated the aggregate industry loss will be approximately $30 billion, while Bermuda-based PartnerRe predicted the loss will be in the range of $30 […]

By Canadian Underwriter | September 8, 2005

2 min read

Claims

Climate change puts insurers at risk

U.S. Insurers, government and consumers are at enormous risk of escalating losses from hurricanes and other weather-related events, according to a new report issued by the Ceres investor coalition."Insurance as we know it is threatened by a perfect storm of rising weather losses, rising global temperatures and more Americans than ever living in harm’s way," […]

By Canadian Underwriter | September 8, 2005

2 min read

Insurers give Katrina victims grace period

Mississippi Insurance Commissioner George Dale issued a voluntary directive last week to insurers doing business in Mississippi to grant a 60-day grace period for collection of premiums owed on all types of insurance policies by residents impacted by Hurricane Katrina. “This voluntary directive does not mean that insurance companies will forgive owed premiums,” Dale said. […]

2 min read

Katrina damage estimate reaches $20-$35 billion

Estimated insured losses from Hurricane Katrina’s direct impact have increased to $20-$35 billion, according to Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk. On the day of Katrina’s landfall on the Gulf Coast, RMS released a preliminary estimate of $10-25 billion for insured losses. It has since […]

1 min read

EQECAT raises Katrina damage estimate

Potential insured losses resulting from Hurricane Katrina and its aftermath could range between $14 billion to $22 billion, according to EQECAT Inc. of Oakland, California, a company that develops software technology for extreme risk modeling. “Over the last few days it has become very clear that Hurricane Katrina’s devastation, due to the unprecedented amount of […]

1 min read

Ontario storm costs $400 million (September 06, 2005)

Canada’s car, home and business insurers expect to pay out more than $400 million to help Southern Ontario recover from an August 19 storm that resulted in what the IBC calls the “highest insured loss in Ontario history.””To date, insurance companies have reported a huge volume of claims – more than 15,000 and growing,” said […]

2 min read

Insurance industry prepared for Hurricane Katrina

The U.S. property and casualty industry has enough capital and liquidity to withstand claims arising from Hurricane Katrina, one of the most devastating natural disasters in U.S. history, says the National Association of Insurance Commissioners (NAIC).Headquartered in Kansas City, Missouri, NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, […]

2 min read

National catastrophe reinurance facility called for

The U.S. Department of the Treasury was recently called upon to develop a national catastrophe reinsurance facility. Florida congresswoman Ginny Brown-Waite, R-Fla., is trying to gain support for H.R. 846, the Homeowners’ Insurance Availability Act of 2005. The proposal will establish a natural disaster reinsurance program to, via auction at actuarial rates, cover carriers and […]

2 min read