With insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total based on its estimates is right in the middle, at US$7.4 billion. This still puts […]
By Canadian Underwriter | August 19, 2004
2 min read
In a new report, rating agency Fitch says the bleak picture faced by U.S. workers’ compensation insurers in the past several years turned around significantly in 2003, and is set to remain stable for 2004.Based on data from the National Council of Compensation Insurance Inc. (NCCI), the combined ratio in the workers comp line dropped […]
By Canadian Underwriter | August 19, 2004
1 min read
The newly merged St. Paul Travelers is facing a slew of shareholder lawsuits following its announcement that it would boost reserves by more than $1.6 billion.The reserve charge caused the company to post a second quarter loss of US$275 million. And the company’s stock price has fallen from about almost US$41 at the time of […]
By Canadian Underwriter | August 18, 2004
1 min read
Toronto-based Accident Support Services International Ltd. (ASSI) has launched its “Collision Reporting and Occurrence Management System” or CROMS II, to allow brokers and insurers to view all post-collision information for policyholders from their desktops. The system, ASSI says, will not only reduce claims management costs, but also help to “flag” suspicious claims. The system is […]
By Canadian Underwriter | August 17, 2004
1 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) saw its net income more than double for the second quarter ending June 30, 2004 to $2.21 million ($0.19 per share), up from $783,000 ($0.07 per share) in the same quarter last year.Much of this growth came as a result of strong underwriting, with Optimum dragging its combined ratio […]
By Canadian Underwriter | August 17, 2004
1 min read
Early insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped its estimate to US$6-$8 billion its earlier US$5 billion did not take losses in the […]
By Canadian Underwriter | August 17, 2004
2 min read
The estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due to a decrease in the storm’s breadth and intensity after it made landfall. RMS says […]
By Canadian Underwriter | August 16, 2004
1 min read
About 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of rain to Jamaica Wednesday night, and is expected to remain at hurricane intensity, possibly as […]
By Canadian Underwriter | August 12, 2004
1 min read
Storms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about 32,000 claims at an average cost of $5,000 each. “The Amarillo storm was so destructive […]
By Canadian Underwriter | August 10, 2004
1 min read
Two groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of average, with 14 tropical storms and eight of these intensifying into hurricanes. Three will be […]
By Canadian Underwriter | August 9, 2004
1 min read