Claims
The tally of insured losses from Hurricane Ivan is now expected to be about US$6 billion, according to the Property Claim Services unit of the Insurance Services Office (ISO). The storm, which hit the U.S. on September 16 is expected to produce 600,000 claims across the several affected states. The breakdown of state-by-state insured losses […]
By Canadian Underwriter | October 17, 2004
1 min read
A spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue. Commenting on the news, a Converium release states: “Converium believes that Standard & Poor’s latest […]
With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc in the U.S., now is the perfect time for everyone to consider their own level […]
2 min read
Just as the European reinsurance industry was producing strong results, global storm losses in the third quarter of 2004 stand to wipe out yearend profit forecasts, notes the quarterly review by Benfield Group.Despite good results in the first half, recent unprecedented tropical storm losses have blown away earlier profit expectations for the year,” according to […]
By Canadian Underwriter | October 13, 2004
Munich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend target of EUR2 billion after tax profit “difficult to achieve”. Munich Re also expects pricing […]
RBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending products. This includes such things as Visa credit card, mortgage, loan and line of credit […]
By Canadian Underwriter | October 12, 2004
Canadian personal property insurers produced continued strong results in 2003, despite wildfire and hurricane losses, according to a new study by A.M. Best.The statistical study shows the Canadian personal property industry produced a loss ratio of 61% last year, despite losses sustained from the B.C. wildfires, Hurricane Juan’s devastation in Nova Scotia and PEI, as […]
By Canadian Underwriter | October 11, 2004
Hurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew generated a total of 700,000 claims, the III observes.The four hurricanes that recently struck parts […]
By Canadian Underwriter | October 6, 2004
The 2004 Atlantic hurricane season was much worse than anticipated, but will taper off through October, according to the latest predictions by Prof. William Gray and the University of Colorado department of atmospheric science team.Both August and September outpaced expectations, the team reports. While the revised August forecast predicted three hurricanes and eight hurricane days, […]
AIG may face civil charges by the U.S. Securities Exchange Commission (SEC), the insurer has disclosed. SEC may recommend civil action against the insurer for press releases issued in late September in response to initial recommendations by SEC staff that a division of the insurer face civil action over dealings between its AIGFP operation and […]
By Canadian Underwriter | October 4, 2004
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