Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently under a hurricane watch, which will likely be upgraded to a warning, according to the […]
By Canadian Underwriter | September 14, 2004
1 min read
A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands of commercial bankruptcies would occur. Even without an attack, the lack of adequate, affordable terrorism […]
By Canadian Underwriter | September 14, 2004
2 min read
Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of the storm which has already ravaged Grenada, Jamaica and the Cayman Islands, with more than […]
By Canadian Underwriter | September 13, 2004
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Fitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will bear a good portion of the loss. However, insurers concentrated in Florida will feel the […]
By Canadian Underwriter | September 12, 2004
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A mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting discipline and profitability are making for a much friendlier ratings environment.”Headline accident year profitability has […]
By Canadian Underwriter | September 12, 2004
2 min read
Risk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated US$2 billion-plus in damage in the Caribbean. The storm ripped through Jamaica, Grenada and the […]
By Canadian Underwriter | September 12, 2004
1 min read
U.S. reinsurers saw their net income drop slightly to US$2.56 billion in the first six months of 2004, compared to US$2.59 billion for the same period a year prior, according to results compiled by the Reinsurance Association of America (RAA).One reason for the drop is a decline in premiums, with gross written premiums down to […]
By Canadian Underwriter | September 12, 2004
1 min read
The Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit margin than is the case.The study, titled "Homeowner, Commercial Property, Liability and Marine Insurance" indicates […]
By Canadian Underwriter | September 8, 2004
2 min read
The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance Services Office (ISO). State Farm’s actual loss will be lower however, when reinsurance arrangements and […]
By Canadian Underwriter | September 8, 2004
1 min read
While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that insurers will likely have to pay up to the attachment points on their reinsurance policies […]
By Canadian Underwriter | September 7, 2004
2 min read