Claims
The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this week released a study suggesting failure to renew the terrorism coverage backstop could significantly impact […]
By Canadian Underwriter | September 16, 2004
1 min read
Risk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions pegs initial losses at US$2-$7 billion. AIR Worldwide is at the low end of the […]
WICC Ontario is donating $25,000 to fund prostate cancer research projects in recognition of “Prostate Cancer Awareness Week”, September 20 to 26. The funding is part of WICC’s new goal to reach beyond breast cancer to the fight against all forms of cancer, says WICC co-chair Linda Wahrer. “WICC will continue to donate a base […]
By Canadian Underwriter | September 15, 2004
Two new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance capacity since September 11, 2001, combined with the emergence of vendor risk modeling systems has […]
2 min read
Hurricane Ivan was making its unwelcome arrival on the coast of Alabama late Wednesday, and risk modeler Risk Management Solutions (RMS) says the storm could produce US$4-$10 billion in insured damage based on current forecasts.RMS says the high end of its estimates take in landfall on the coast from Mississippi to Mobile Bay, Alabama, the […]
Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently under a hurricane watch, which will likely be upgraded to a warning, according to the […]
By Canadian Underwriter | September 14, 2004
A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands of commercial bankruptcies would occur. Even without an attack, the lack of adequate, affordable terrorism […]
Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of the storm which has already ravaged Grenada, Jamaica and the Cayman Islands, with more than […]
By Canadian Underwriter | September 13, 2004
Fitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will bear a good portion of the loss. However, insurers concentrated in Florida will feel the […]
By Canadian Underwriter | September 12, 2004
A mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting discipline and profitability are making for a much friendlier ratings environment.”Headline accident year profitability has […]
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