As Floridians continue to rebuild following Hurricane Charley, another intense storm is following in his tracks. Hurricane Frances, which as of Monday was classified as a category three storm, has the potential to hit Florida over the Labor Day weekend.On Sunday, Tropical Storm Gaston lashed South Carolina with intense rain, causing power outages affecting more […]
By Canadian Underwriter | August 30, 2004
1 min read
CNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group (TWIG) has joined with BC-based Travel Underwriters to launch a blended critical illness and travel […]
By Canadian Underwriter | August 29, 2004
1 min read
Three of the world’s largest reinsurers have recently reported healthy profit gains in the second quarter of this year.Zurich-based Swiss Re says it posted net income of CHF 1.4 billion for the first six months of 2004, up from CHF 691 million during the same period a year earlier. While the company’s premiums dropped 1.7%, […]
By Canadian Underwriter | August 29, 2004
2 min read
In two separate cases, the Insurance Corporation of B.C. has seen drivers plead guilty to providing false information to the public insurer.Salvatore Figliuzzi of Coquitlam, BC, received a fine of $800, and ordered to pay ICBC $1,074 in restitution. He had reported hitting a shopping cart with his vehicle, but a claims investigation revealed this […]
By Canadian Underwriter | August 29, 2004
1 min read
A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be purchased as “add-ons” were shown to be of use in the aftermath of Charley. For […]
By Canadian Underwriter | August 26, 2004
1 min read
A Hamilton call center is handling claims resulting from Hurricane Charley’s devastation in Florida, dealing with thousands of calls per day.ECHO Intake Solutions, a division of Cunningham Lindsey Canada, has been receiving calls from claimants since Charley hit Florida’s Gulf Coast on August 13, packing 145 mph winds and destroying homes, businesses and vehicles.”In the […]
By Canadian Underwriter | August 26, 2004
1 min read
The total insured loss from Hurricane Charley should be around US$6.8 billion, says the U.S. Insurance Services Office (ISO). ISO’s Property Claim Services unit says the category 4 hurricane, which hit Florida on August 13, will cause US$6.755 billion in insured losses in that state. Losses from Charley’s touchdown in North and South Carolina on […]
By Canadian Underwriter | August 25, 2004
1 min read
The crash of two Russian airliners which left 89 dead late Tuesday is under investigation, with some speculating the cause is terrorism, but Russian officials saying there is no evidence of terrorism at this point. The outcome of this investigation may impact insurance coverage for the two airlines involved. While Volga Aviaexpress has not released […]
By Canadian Underwriter | August 25, 2004
1 min read
On the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast this season.Already just three weeks into the hurricane season there have been three hurricanes, with […]
By Canadian Underwriter | August 23, 2004
1 min read
Toronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning to disclose losses as a result of the hurricane, which struck Florida’s Gulf Coast on […]
By Canadian Underwriter | August 23, 2004
2 min read