Claims
Moody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s report notes devastation wrought by Hurricane Katrina will almost certainly cause an unprecedented level of […]
By Canadian Underwriter | September 15, 2005
2 min read
Hurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category 1 hurricane.The center of Ophelia is forecast to make landfall on Thursday, Sept. 15 along […]
By Canadian Underwriter | September 14, 2005
1 min read
Lloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net loss to the market of 1.3 billion (U.S. $2.37 billion).Lloyd’s wrote to all 44 managing […]
Commercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent hurricane according to Moody’s analyst Jeff Berg. In a report presented at the annual Rendes-Vous […]
By Canadian Underwriter | September 13, 2005
Over the past 30 years loses resulting from catastrophic weather events are growing 10 times faster than premiums meaning that if the trend continues, the insurance industry may have to deal with a decrease in coverage and increased costs, according to a recent report commissioned by Ceres.The report states that a trend of higher losses […]
Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re Holdings, Ltd., PXRE Group Ltd., and State Farm Mutual Automobile Insurance Co.Fitch said it placed […]
Swiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally Swiss Re estimated a loss of US $500 million for Hurricane Katrina, on the basis […]
By Canadian Underwriter | September 12, 2005
Traffic collisions on Alberta roads have decreased by less than 1% in 2004 and driver error remains the most common contributing factor, according to the newly released Alberta Collision Statistics 2004. Dr. Lyle Oberg, Alberta’s minister of infrastructure and transportation said, “I am relieved things aren’t getting worse, but I am also frustrated that things […]
Risk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had estimated insured losses at $20 to $35 billion and economic losses at more than $100 […]
ING Canada Inc. (TSX:IIC.LV) says it is compensating 2,400 clients of its insurance subsidiaries in Ontario for damage caused by severe thunderstorms that swept across Southern Ontario August 19.ING Canada estimates it will incur gross claims expenses of between $75 million and $100 million due to the storms, for a pre-tax loss of between $30 […]
By Canadian Underwriter | September 9, 2005
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