Claims

What’s New: In Brief (September 23, 2008)

Swiss Re expects its collective net claims for Hurricanes Gustav and Ike will total approximately US$300 million, the reinsurer announced Sept. 23.Swiss Re estimated its Hurricane Gustav claims exposure would amount to approximately US$50 million when all was said and done. Hurricane Ike claims for Swiss Re were expected to total approximately US$250 million.”The combination […]

By Canadian Underwriter | September 23, 2008

2 min read

Claims

Expressing empathy immediately is key to riding out a crisis, risk managers told

When faced with a crisis endangering a company’s reputation, it is vital for the spokesperson of that organization to immediately express empathy and then stress what the organization is doing at that moment to investigate and remedy the situation. The wisdom came courtesy of Lorne Honickman, partner at McCague Peacock Borlack McInnis & Lloyd LLP, […]

By Canadian Underwriter | September 23, 2008

2 min read

Claims

What’s New: In Brief (September 18, 2008)

PPG Automotive Refinish has been named a preferred supplier by Volvo Car Corporation for its worldwide network of dealerships and independent collision centers. The designation includes PPG’s waterborne Envirobase High Performance and Nexa Autocolor Aquabase Plus.Volvo’s objective is to provide its customers with premium-level repair quality in the aftermarket, according a release, and consequently, Volvo […]

By Canadian Underwriter | September 18, 2008

2 min read

Claims

Hurricane Ike damage estimates between US$6 and $16 billion

Hurricane Ike has caused insured losses from both onshore and offshore damage of between US$6 billion and US$16 billion, catastrophe modellers estimate.The storm made landfall on Sept. 13, hitting Galveston Island, Texas as a strong Category 2 storm.Ike featured hurricane-force winds stretching up to 250 miles wide and maximum sustained winds at landfall of 110 […]

By Canadian Underwriter | September 15, 2008

1 min read

Well-capitalized (re)insurers relying too heavily on others to resolve cash-flow problems: S&P’s

Facing a potential liquidity crisis as the 2008 hurricane season ramps up to the midway point, insurers may be running the risk of relying too heavily on state-sponsored entities and low-rated or unrated reinsurers, Standard & Poor’s (S&P’s) observes in a recent report.The report, published Sept. 11, is entitled: “Will Catastrophe Events Create Liquidity Strain […]

1 min read

Hurricane Ike strengthens in Gulf, bears down on Texas

Hurricane Ike has moved away from Cuba and is picking up steam as it heads through the Central Gulf of Mexico towards Texas.The National Hurricane Center reported on Sept. 10 that Ike, with sustained wind speeds of 155 km-h, is now a Category 2 hurricane. Ike is expected to become a “major” (Category 3-5) storm […]

2 min read

2008 ranks as seventh-worst hurricane season in 38 years

To date, this year ranks as the seventh-most active hurricane year since 1950, according to a mid-season report by climate forecaster Tropical Storm Risk (TSR).TSR is a consortium of experts on insurance, risk management and seasonal climate forecasting led by the Benfield UCL Hazard Research Centre at University College London.”Atlantic basin hurricane activity so far […]

2 min read

Severe rainfall brings flood of homeowner claims to Atlantic Provinces

Post-tropical storm Hanna soaked the Atlantic provinces on Sept. 7, leaving more than 100 mm of rain in some parts of the area. Counties along the Fundy Coast of New Brunswick and Newfoundland were the hardest hit, as embedded rain bands brought intense rainfalls of 25 to 30 mm in an hour, Environment Canada reports. […]

1 min read

Moody’s expects U.S. insurers to handle Gustav losses without difficulty

Insured losses from Hurricane Gustav are not expected to significantly affect the ratings of U.S. property and casualty insurers, according to a new report issued by Moody’s Investors Service. “Given the range of preliminary insurance loss estimates of [US]$3 billion to [US]$10 billion associated with Hurricane Gustav, Moody’s does not expect the event to significantly […]

1 min read

Four hurricanes expected in September

Hurricane Gustav may be on his way out, but more company is due to arrive. Up to five named storms are expected in September, according to the Colorado State University forecast team. Four of those will become hurricanes; two will become major (Category 3-5) hurricanes. Overall, the forecast team expects activity at about 190% of […]

1 min read