Claims

AIR creates climate-conditioned view of U.S. hurricane risk

At the midpoint of an active 2008 hurricane season, AIR Worldwide Corporation (AIR) has issued a white paper updating its research on climatological influences on hurricane landfall risk. In particular, the white paper suggests that, “during years in which [Sea Surface Temperatures] SSTs are warmer than the long-term average, the U.S. Gulf and East Coasts […]

By Canadian Underwriter | September 4, 2008

2 min read

Claims

Increase in small hurricanes could halt further price declines

An increase in small hurricanes making landfall this season, in addition to the high level of catastrophe losses insurers have already absorbed during the first half of 2008, will likely bring a dose of reality to the competitive property cat markets and halt further price declines in 2009 according to A.M. Best. “A.M. Best expects […]

By Canadian Underwriter | September 3, 2008

1 min read

Claims

Gustav could cost between US$2 billion and US$10 billion

Insured losses caused by Hurricane Gustav could range from US$2 billion to US$10 billion according to initial estimates. Gustav came ashore near Cocodrie, Louisiana, about 70 miles southwest of New Orleans, on Sept. 1 as a relatively fast-moving Category 2 hurricane. Maximum sustained winds reached 110 mph and the central pressure registered at 957 mb, […]

By Canadian Underwriter | September 2, 2008

2 min read

Claims

Permission to say “I’m sorry.”

It's a perfectly professional and appropriate reaction for a claims handler to express empathy when first hearing about a client's loss

August 31, 2008

5 min read

Tropical Storm Gustav could hit New Orleans as a Hurricane

Although New Orleans’ levees have been strengthened since Hurricane Katrina ripped through them three years ago, they are not scheduled for completion until 2011, leaving the city “far from protected” as Tropical Storm Gustav approaches, according to the Seattle Times. According to the Times, the hurricane protection system’s US$15-billion upgrade is only 20% complete, though […]

1 min read

Insurance linked security market rides out credit crisis storm

Natural catastrophe (nat cat) bonds, currently the main insurance-linked securities (ILS) asset class, have proven generally resilient during the capital market’s turbulence over the past year, with the acid test being the current credit crunch, reports Standard & Poor’s.The pricing of nat cats, particularly since the credit market disruptions that began in mid-2007, shows how […]

1 min read

What’s New: In Brief (August 19, 2008)

Carstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to the role 25 years in senior automotive franchise system management positions. Lloyd Wheeler will take […]

1 min read

Tropical Storm Fay may reach hurricane status as it hits Florida

Tropical Storm Fay is expected to cross the Florida Keys on Monday night arriving on the west coast on Tuesday afternoon, possibly at hurricane strength. The National Hurricane Center (NHC) has given a near 40% probability to Fay’s achieving hurricane status by landfall, and a 7% probability that it will arrive as a Category 2 […]

2 min read

What’s New: In Brief (August 14, 2008)

Risk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can produce various types and combinations of damage from different perils, making them extremely challenging to […]

2 min read

ING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well as weakness in the equity markets, resulting in a reduction in investment gains.The company’s return […]

2 min read