Claims

Catastrophe bonds not likely to attach, S&P’s reports

Standard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds’ […]

By Canadian Underwriter | August 30, 2005

2 min read

Claims

Cunningham Lindsey responds to Katrina

Cunningham Lindsey Canada recently began processing calls from the Company’s Echo Intake Solutions call center in response to Hurricane Katrina.”Our call center provides support around the clock so in catastrophe’s such as Hurricane Katrina, we have trained staff available to handle every type of insurance-related claim call and respond appropriately,” Maureen Fraser, assistant vice president, […]

By Canadian Underwriter | August 30, 2005

1 min read

Claims

Suspending licenses immediately may reduce DUIs

Automatically suspending the licenses of people charged with impaired driving is helping reduce the number of drunk drivers on the province’s roads, according to a study completed for the Alberta government.The study shows that there was a 24% drop in the number of repeat impaired drivers and a 19% reduction in the number of repeat […]

By Canadian Underwriter | August 29, 2005

2 min read

Claims

Katrina damage estimates range from $9 to $26 billion

Estimates for property damages incurred as a result of Hurricane Katrina range from $9 billion to $26 billion, according to three separate sources.Estimates of insured losses on the Gulf Coast could range from $9 to $16 billion, according to Oakland, CA-based EQUECAT Inc. Then extreme risk modeling company based its estimates on current post-landfall information […]

By Canadian Underwriter | August 29, 2005

2 min read

AIR Worldwide estimates loss estimate, Hurricane Katrina

AIR Worldwide has estimated the insured losses from the initial landfall of Hurricane Katrina should not exceed US$600 million. Katrina, with maximum sustained wind speeds of 80 mph at landfall, was a fairly weak Category 1 storm. However, the AIR estimate is higher than would be expected for a typical weak Category 1 hurricane due […]

2 min read

Allstate backs taxpayer insurance pool (August 26, 2005)

A catastrophe insurance pool bolstered by taxpayers may be the best bet for US consumers, according to Allstate Corp.Natural and manmade disasters from hurricanes to flooding and explosions and even terrorism are inevitable yet the US private insurance system is vulnerable and most consumers do not know how to respond to disaster. In order to […]

1 min read

GTA flood costs over $100 million

The series of thunderstorms and tornadoes that recently hit southern Ontario will cost over $100-million in claims, according to the Insurance Bureau of Canada (IBC).Mark Yakabuski, vice president federal affairs and Ontario, IBC, says already 5,200 homeowner insurance claims and 700 automobile insurance claims have been made in just the Greater Toronto Area. Over 300 […]

1 min read

Tropical storm forms in the Atlantic

The 12th depression of the Atlantic hurricane season recently gained strength en route from Nassau, Bahamas to southeastern Florida reaching 39 mph upgrading it to Tropical Storm Katrina.According to the U.S. National Hurricane Center forecast, the storm is expected to cut across the Florida peninsula and into the northern Gulf of Mexico within about five […]

1 min read

Flood costs mount, over 5,000 claims filed

Approximately 4,500 homeowners, 50 businesses and 500 vehicle owners are in the process of sending their insurance adjusters claims as a result of the torrential storms that recently swept across the greater Toronto area from Oshawa to Brampton, ON with the most damage occurring just north of Highway 401.The Insurance Bureau of Canada says the […]

1 min read

August record month for airline losses

The four recent airline crashes that occurred in Canada, Italy, Venezuela and Greece, have put August on the map as the worst month for airline losses in more than three years, according to Aon Corp. The value of the most expensive insured hull the Air France Airbus crash at Toronto Pearson International Airport (all passengers […]

1 min read