Claims
While individual states sue U.S. insurers over whether flood damage in New Orleans wrought by Hurricane Katrina is exempted from coverage, the U.S. federal government is preparing a bill that would allow victims of Hurricanes Rita and Katrina to buy retroactively into the federal government’s National Flood Insurance Program (NFIP).As reported by A.M. Best, if […]
By Canadian Underwriter | September 30, 2005
2 min read
Property damage caused by water related to Hurricane Katrina will reach a total figure of approximately $44 billion, according to AIR Worldwide Corp. “Katrina resulted in an unprecedented level of water damage,” Dr. Jayanta Guin, vice president of research and modeling at AIR Worldwide, says. “While the flooding of New Orleans in the aftermath of […]
By Canadian Underwriter | September 29, 2005
1 min read
Standard & Poor’s Ratings Services has revised its outlook on the global reinsurance industry to negative from stable, the company has announced.”The negative outlook implies that downgrades are expected to outnumber upgrades in the remainder of 2005, although the number of downgrades is expected to be modest,” the company indicated in a release. “The negative […]
Fairfax Financial Holdings Limited (TSX:FFH.SV)(NYSE:FFH) has agreed to issue $300-million worth of subordinate voting shares (1,843,318 shares) to a number of institutional investors at today’s closing price of $162.75 per share. Prem Watsa, CEO of Fairfax, commented: “Fairfax is raising significant equity at this time with a view to bulletproofing its balance sheet and achieving […]
By Canadian Underwriter | September 28, 2005
Heavy rains recently inundating western Newfoundland and a small Labrador community instigated a state of emergency in Stephenville and resulted in flooding that eroded roads.More than 140 mm of rain felll causing a flood that precipitated the overflow of a pair of river, which is ultimately what prompted residents to leave and a state of […]
Munich Re recently estimated its total damages from Hurricanes Katrina and Rita at about US$1.6 billion (1.33 billion euros).The Company says it will likely have to pay out about 650 million euros after tax however Munich remains optimistic that it will achieve a 12% return on equity this year, as long as the purchase of […]
An initial review of Hurricanes Katrina and Rita’s effect on the global reinsurance sector indicates a stable rating outlook, according to Fitch Ratings. Fitch maintained this outlook under the premise that the losses from Hurricanes Katrina and Rita will be manageable in relation to the sector’s overall capital base. As long as no further shock […]
By Canadian Underwriter | September 27, 2005
PPG Canada Inc. recently received technical accreditation from RIBO (Registered Insurance Brokers of Ontario) for three of the technical courses the Company offers through the CertifiedFirst Network.Collision Repair for Insurers (three hours credit) is one of the accredited courses that offers a step-by-step guided shop tour, which explains the entire auto repair process. The information […]
By Canadian Underwriter | September 26, 2005
Risk Management Solutions (RMS) recently estimated insured losses from Hurricane Rita are likely to range between $4 billion and $7 billion, based on current information on landfall location and wind speeds.”Hurricane Rita is comparable to last year’s Charley in that its damage is spread across a low population density region of agricultural and fishing-related industries,” […]
Catastrophe risk modeling company AIR Worldwide Corporation estimates Hurricane Rita will cost the insurance industry a total of between $2.5 billion and $5 billion in losses.Rita made landfall between Sabine Pass and Johnson’s Bayou on the Louisiana coast as a Category 3 hurricane. At landfall, Rita had maximum sustained winds of 120 mph.Hurricane Rita’s strongest […]
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