Claims
Risk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated US$2 billion-plus in damage in the Caribbean. The storm ripped through Jamaica, Grenada and the […]
By Canadian Underwriter | September 12, 2004
1 min read
U.S. reinsurers saw their net income drop slightly to US$2.56 billion in the first six months of 2004, compared to US$2.59 billion for the same period a year prior, according to results compiled by the Reinsurance Association of America (RAA).One reason for the drop is a decline in premiums, with gross written premiums down to […]
The Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit margin than is the case.The study, titled "Homeowner, Commercial Property, Liability and Marine Insurance" indicates […]
By Canadian Underwriter | September 8, 2004
2 min read
The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance Services Office (ISO). State Farm’s actual loss will be lower however, when reinsurance arrangements and […]
While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that insurers will likely have to pay up to the attachment points on their reinsurance policies […]
By Canadian Underwriter | September 7, 2004
While the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a new report by Standard & Poor’s.The report notes that the close proximity in time of […]
The friends of Mike Yang are staging two events to raise funds for this industry veteran, who is recovering from a serious illness experienced last fall. Funds are needed to help Mike and his family modify their home and vehicle to accommodate his condition and recovery. The first reception is September 23 from 5-7 p.m. […]
By Canadian Underwriter | September 6, 2004
Insured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially topping US$10 billion.The California-based firm says because Frances, which had been a category 4 hurricane […]
The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net income up by 33% to US$4.1 billion in the first half of the year. One […]
By Canadian Underwriter | September 2, 2004
Analysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the hurricane in U.S. history, with claims in 2004 dollars reaching US$20 billion.One modeling agency, EQECAT […]
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