Claims
The economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal Mississippi on August 29 causing extensive wind and coastal surge damage; and, the Great New […]
By Canadian Underwriter | September 2, 2005
2 min read
Large losses incurred as a result of Katrina will hit the retrocessional reinsurance insurance purchased by reinsurers in order to spread their primary insurance company risks market hard, experts say. Retrocessional reinsurance is one of the riskiest in the insurance industry, but if the industry avoids big losses, retrocessional reinsurers keep the premiums. If losses […]
By Canadian Underwriter | September 1, 2005
Drivers in the affected areas of Louisiana, Mississippi and Alabama may see an auto insurance rate increase of 5% to 10% as a result of the anticipated $1 billion in losses for cars damaged by Katrina.Homeowners will likely see an insurance rate increase of 10% to 30%.In total, the Insurance Information Institute says insurers will […]
1 min read
Although industry insured losses resulting from damages left in Katrina’s wake are estimated at a substantial US$15 – US$25 billion, outstanding hurricane-related catastrophe bonds are expected to remain safe. “Nevertheless, based on a preliminary analysis, it appears that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds […]
August 31, 2005
Insurance companies in search of restitution and punitive damage awards are being forced to pursue civil litigation due to the relatively lenient criminal sentences given to perpetrators of organized fraud. While some government-run auto insurers have been successful in civil actions, the jury is still out on whether private sector companies can band together to fight fraud on a different front. A new civil recovery project from the Insurance Bureau of Canada hopes to tilt the scales.
8 min read
Swiss Re announced today that based on its preliminary estimate, it expects its claims related to Hurricane Katrina to be in the range USD 500 million (CHF 625 million) before tax. Swiss Re expects Hurricane Katrina to cost the insurance industry in the region of USD 20 billion, making it the most costly hurricane after […]
By Canadian Underwriter | August 31, 2005
In a statement on the impact of Hurricane Katrina, the Lloyds of London market issued a statement outlining the likelyhood of serious claims in the aftermath of the catastrophe.”Lloyd’s expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf, property damage and business […]
The remnants of Hurricane Katrina recently fell on Southern Ontario just as Environment Canada forecaster Geoff Coulson predicted.Damage resulting from Katrina’s Ontario presence is likely to be restricted to potential for tree damage and localized power outages in the western Lake Ontario area near Oakville and Hamilton and winds will likely reach 70 km an […]
Regional adjusting firm Pritchard Woodall & Associates were recently called upon to deal with the aftermath of the Queen of Oak Bay Ferry damaging some 29 vessels and a commercial wharf located at Horseshoe Bay in North Vancouver, BC.Working with the insurers and BC Ferries, Mark Woodall, a principal of Pritchard Woodall & Associates, lead […]
Standard & Poor’s Ratings Services recently began monitoring the effects of Hurricane Katrina on the economy and on credit, industrial, energy and utility, financial services, insurance, and public finance issuers and reports, based on a preliminary analysis, that the damage caused by Hurricane Katrina will not result in any of the outstanding hurricane-related catastrophe bonds’ […]
By Canadian Underwriter | August 30, 2005
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