AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that a division of the insurer face civil action over dealings between its AIGFP operation and […]
By Canadian Underwriter | October 4, 2004
1 min read
The 2004 hurricane season will rank as the second-largest insured loss in U.S. history, according to the Insurance Information Institute (III).The III says losses from the 2004 hurricanes Charley, Frances, Ivan and Jeanne will hit US$22 billion at least. The largest loss ever was the September 11, 2001 terrorist attacks at US$32 billion.While 1992’s Hurricane […]
By Canadian Underwriter | October 3, 2004
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Many insurers and reinsurers and beginning to count the costs of the 2004 Atlantic hurricane and Pacific typhoon season, and preparing investors for the impact on financial results.One of the hardest hit is Bermuda-based Renaissance Re, which says its third quarter earnings will be hit with a US$425 million loss from the four Florida hurricanes […]
By Canadian Underwriter | September 30, 2004
2 min read
Florida’s historic hurricane season is catching the attention of rating agencies, with Fitch Ratings noting that the landfall of Hurricane Jeanne now makes it likely insurers will face an assessment from Florida’s “market of last resort” for hurricane coverage.While the earlier hurricanes, Charley, Frances and Ivan, were seen as unlikely to trigger assessments to Florida’s […]
By Canadian Underwriter | September 28, 2004
2 min read
Issues insurers may face when dealing with marijuana grow operations extend beyond the threat of fire, delegates at the Annual Toronto Fraud Forum learned Tuesday.Staff Sgt. Marc Pineault of the Ottawa Police Services says another significant problem is mold growth in grow houses.Pineault says the grow op issue in Ontario has escalated significantly over the […]
By Canadian Underwriter | September 28, 2004
2 min read
Early estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide pegs damages at US$5-$9 billion. Risk Management Solutions (RMS) says insurers could pay US$4-$8 billion.Thus […]
By Canadian Underwriter | September 27, 2004
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Converium had a spot of good news Monday, learning it faces a possible upgrade by Standard & Poor’s. S&P says it will upgrade the reinsurer to “BBB+” if it can successfully complete its proposed US$420 capital-raising move. Converium says it will take the steps to raise the capital from shareholders, and adds that it is […]
By Canadian Underwriter | September 27, 2004
2 min read
State Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with an expectation of total payouts reaching $10 million. Toronto-based AirIQ Inc. says it has secured […]
By Canadian Underwriter | September 26, 2004
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Hurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For insurers, the storm makes it likely 2004 will top the losses experienced as a result […]
By Canadian Underwriter | September 26, 2004
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The total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners and businesses will be filed as a result of the hurricane.The ISO notes that Florida […]
By Canadian Underwriter | September 23, 2004
1 min read