Claims
Early estimates suggest Hurricane Jeanne, which slammed into Florida’s east coast this past weekend, could be the worst of the four hurricanes to hit the state this year.Risk modeler Eqecat says insured losses could be US$6-$8 billion, while AIR Worldwide pegs damages at US$5-$9 billion. Risk Management Solutions (RMS) says insurers could pay US$4-$8 billion.Thus […]
By Canadian Underwriter | September 27, 2004
1 min read
Converium had a spot of good news Monday, learning it faces a possible upgrade by Standard & Poor’s. S&P says it will upgrade the reinsurer to “BBB+” if it can successfully complete its proposed US$420 capital-raising move. Converium says it will take the steps to raise the capital from shareholders, and adds that it is […]
2 min read
State Farm Insurance Companies has donated $6,500 to the Peterborough Area Relief Fund to help victims of the July floods. State Farm also notes that it has paid out more than $8.5 million in claims in the Peterborough area, with an expectation of total payouts reaching $10 million. Toronto-based AirIQ Inc. says it has secured […]
By Canadian Underwriter | September 26, 2004
Hurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For insurers, the storm makes it likely 2004 will top the losses experienced as a result […]
The total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners and businesses will be filed as a result of the hurricane.The ISO notes that Florida […]
By Canadian Underwriter | September 23, 2004
Insured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the Cayman Islands.More than half of the damages occurred in Florida, notes an RMS release, and […]
By Canadian Underwriter | September 22, 2004
Lloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but there is still little consistency as security standards vary greatly,” he said. He adds that […]
By Canadian Underwriter | September 21, 2004
Window cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting small businesses out of business. While employers’ liability coverage is required for England’s 80,000 window […]
By Canadian Underwriter | September 20, 2004
While the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research, according to the first edition of the annual “Hazard & Risk Science Review”, published by […]
By Canadian Underwriter | September 19, 2004
With Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm in U.S. insurance history, produced losses which in 2004 dollars are near US$20 billion. While […]
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