Insured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the Cayman Islands.More than half of the damages occurred in Florida, notes an RMS release, and […]
By Canadian Underwriter | September 22, 2004
2 min read
Lloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but there is still little consistency as security standards vary greatly,” he said. He adds that […]
By Canadian Underwriter | September 21, 2004
1 min read
Window cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting small businesses out of business. While employers’ liability coverage is required for England’s 80,000 window […]
By Canadian Underwriter | September 20, 2004
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While the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research, according to the first edition of the annual “Hazard & Risk Science Review”, published by […]
By Canadian Underwriter | September 19, 2004
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With Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm in U.S. insurance history, produced losses which in 2004 dollars are near US$20 billion. While […]
By Canadian Underwriter | September 19, 2004
2 min read
The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this week released a study suggesting failure to renew the terrorism coverage backstop could significantly impact […]
By Canadian Underwriter | September 16, 2004
1 min read
Risk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions pegs initial losses at US$2-$7 billion. AIR Worldwide is at the low end of the […]
By Canadian Underwriter | September 16, 2004
1 min read
WICC Ontario is donating $25,000 to fund prostate cancer research projects in recognition of “Prostate Cancer Awareness Week”, September 20 to 26. The funding is part of WICC’s new goal to reach beyond breast cancer to the fight against all forms of cancer, says WICC co-chair Linda Wahrer. “WICC will continue to donate a base […]
By Canadian Underwriter | September 15, 2004
1 min read
Two new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance capacity since September 11, 2001, combined with the emergence of vendor risk modeling systems has […]
By Canadian Underwriter | September 15, 2004
2 min read
Hurricane Ivan was making its unwelcome arrival on the coast of Alabama late Wednesday, and risk modeler Risk Management Solutions (RMS) says the storm could produce US$4-$10 billion in insured damage based on current forecasts.RMS says the high end of its estimates take in landfall on the coast from Mississippi to Mobile Bay, Alabama, the […]
By Canadian Underwriter | September 15, 2004
2 min read