Claims
The recent storm that hit Southern Ontario resulted in vast property damages and losses totaling millions of dollars and resulting losses are expected to exceed $400 million, making it the highest insured loss in Ontario history. Early indications from A.M. Best Co.’s analysis of interactively rated companies impacted by the storm show that Canada’s p&c […]
By Canadian Underwriter | September 22, 2005
1 min read
Standard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty companies (i.e., XL Capital Assurance and XL Financial Assurance) remain unaffected.Standard & Poor’s action is […]
By Canadian Underwriter | September 21, 2005
2 min read
Damage inflicted in the southern United States as a result of Hurricane Katrina contributed to a rise of wood prices on the BMO Financial Group Commodity Price Index, BMO Economics reported Sept. 21.BMO reports the extensive rebuilding work in the Katrina-hit areas such as Louisiana, Mississippi and Alabama has “lifted the prospects of wood products.”For […]
The National Hurricane Centre in the U.S. says Hurricane Rita, now a Category 4 hurricane, “could reach Category 5 intensity in the central Gulf of Mexico” and is tracking to reach landfall on the south coast of Texas and the southwestern-most part of Louisiana by Sept 23 or 24. “Rita remains an extremely dangerous hurricane,” […]
Berkshire Hathaway (BRK.A; BRK.B) estimates “it will incur 3-5% of the industry losses associated with Hurricane Katrina,” the company has announced.Industry losses have recently been estimated at anywhere between $40 billion to $60 billion. If these figures hold true, Berkshire’s estimate would amount to losses of anywhere in the range of US$1.2 billion to $3 […]
Canadian-based Manulife Financial Corporation [TSX/NYSE/PSE: MFC; SEHK: 0945] estimates its after-tax losses related to damages left by Hurricane Katrina will be US$165 million.Manulife provides property catastrophe coverage to a number of reinsurers, the company said in a statement. “Reinsurers generally begin to pay limited benefits when insured losses from a catastrophic event exceed US$20 billion.”The […]
By Canadian Underwriter | September 20, 2005
Already flooded and battered by Hurricane Katrina, a Category 4 hurricane, Louisiana now faces the possibility of being hit by Hurricane Rita sometime around Sept. 24.Hurricane Rita is now a Category 1 hurricane in the Bahamas, with maximum sustained wind speeds of 75 mph. Rita is anticipated to hit the southernmost tip of Florida and […]
Louisiana Gov. Kathleen Blanco is expected to sign an emergency order that would severely restrict the ability of property/casualty and health insurers to cancel a policy within the seven-parish region that was hit hardest by Hurricane Katrina, A.M. Best reports.Bobby Clark, a spokeswoman for the Louisiana Department of Insurance, reportedly said the insurance commissioner is […]
Fitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current, “state-of-the-art” technology. But “we are increasingly concerned that there are many sources of loss in […]
By Canadian Underwriter | September 19, 2005
Risk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses of between US$40 billion and $60 billion as a result of Katrina. The flooding of […]
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