Claims
The Co-operators and the Insurance Bureau of Canada (IBC) are warning of frauds designed to profit from the damage Hurricanes Katrina and Rita have wrought in the southern United States. “As a result of the recent natural disasters in the Southern US, many vehicles and boats were destroyed beyond repair,” the Co-operators notes on its […]
By Canadian Underwriter | November 15, 2005
1 min read
Arch Capital Group Ltd. (NASDAQ: ACGL) predicts its after-tax earnings for the 2005 fourth quarter will take a US$40-million to $60-million hit because of Hurricane Wilma.The estimate is based on industry insured losses of $8 to $12 billion and is net of reinsurance and reinstatement premiums, the company says in a statement. If the industry […]
2 min read
The quality and completeness of most insurers’ commercial policy data is insufficient for a detailed and accurate assessment of their catastrophe risk, according to a recent analysis of insurers’ exposure data by risk modeling company AIR Worldwide Corporation (AIR). “Nine out of 10 commercial properties analyzed had replacement values significantly less than the amount estimated […]
By Canadian Underwriter | November 14, 2005
RenaissanceRe Holdings Ltd. recently revised its previously reported third-quarter results, cutting net loss for the third quarter of 2005 by $34.8 million to $71.0 million.Renaissance claims the loss was caused by related hurricane catastrophes.”A reinsurance recovery within (RenaissanceRe’s) reinsurance segment that was triggered by the publication of a final third-party industry loss estimate,” Reannaissance Re […]
By Canadian Underwriter | November 11, 2005
Standard & Poor’s Ratings Services has placed its ‘AA-‘ long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities on CreditWatch with negative implications. At the same time, Standard & Poor’s placed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on Clarendon National Insurance Co. and three of […]
Hannover Re’s third quarter results show a net expenditure on major losses of 781.4 million euros, which reflects the adverse affects of catastrophic losses that had already caused heavy losses of 93.3 million euro in the first quarter of 2005. Hannover expects to incur net loss expenditure of roughly 310 million euro before tax in […]
By Canadian Underwriter | November 10, 2005
After losing nearly US$8.4 billion in after-tax losses during this year’s hurricane season, the Bermuda reinsurance market has already recovered almost US$6 billion in capital, a Moody’s report of 14 Bermuda-based reinsurers has found.”Through Nov. 4, 2005, the 14 companies included in our study have issued nearly $6 billion of equity, debt and hybrid securities […]
By Canadian Underwriter | November 9, 2005
In the wake of a devastating hurricane season, Fitch Ratings is urging the property and casualty industry to better understand its capital requirements and take steps to better mitigate catastrophic risk.In a report to be released, entitled New Thinking on Catastrophe Risk & Capital Requirements, the agency says “a fresh look at capital requirements is […]
Willis Group Holdings Ltd’s (NYSE: WSH) North American construction practice group leader Paul Becker recently testified at a hearing held by the Senate Subcommittee on Superfund and Waste Management on the construction risks inherent in the New Orleans cleanup. Invited as a guest of the chairman of the subcommittee Senator John Thune, Becker spoke of […]
By Canadian Underwriter | November 8, 2005
Damage inflicted by hurricanes will only get worse in the future because of the increasing development and population density along US coastlines, according to speakers at a recent Hurricane Symposium in London, England, held by the Insurance Leadership Institute of GE Insurance Solutions.The size of U.S. hurricane losses will continue “to stagger and astound us” […]
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