Claims
Early insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped its estimate to US$6-$8 billion its earlier US$5 billion did not take losses in the […]
By Canadian Underwriter | August 17, 2004
2 min read
The estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due to a decrease in the storm’s breadth and intensity after it made landfall. RMS says […]
By Canadian Underwriter | August 16, 2004
1 min read
About 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of rain to Jamaica Wednesday night, and is expected to remain at hurricane intensity, possibly as […]
By Canadian Underwriter | August 12, 2004
Storms which struck the area of Amarillo, Texas in late June have already cost insurers US$175 million in claims, says the Insurance Council of Texas.The storm, which hit June 21 and brought high winds and hail, has resulted in about 32,000 claims at an average cost of $5,000 each. “The Amarillo storm was so destructive […]
By Canadian Underwriter | August 10, 2004
Two groups issuing predictions for the Atlantic hurricane season have updated their forecasts. Tropical Storm Risk (TSR), part of the Benfield Hazard Research Centre, increased its forecast by 20%. It says the 2004 season shows signs of being 150% of average, with 14 tropical storms and eight of these intensifying into hurricanes. Three will be […]
By Canadian Underwriter | August 9, 2004
Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far, 4,371 claims have been logged for estimated insured losses of $70.83 million. But this number […]
By Canadian Underwriter | August 5, 2004
Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO of freight and logistics company USF Worldwide Inc. ING Insurance has donated $10,000 to the […]
By Canadian Underwriter | August 4, 2004
The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major damage, and while thousands of residents saw their power cut off and some highways were […]
By Canadian Underwriter | August 3, 2004
Pafco Insurance has commenced writing business as a stand-alone company in Ontario and New Brunswick as of Tuesday. The brand used to fall under the Pembridge mantle, but Pembridge CEO Bob Tisdale explains the separate Pafco licenses are intended to offer consumers more choice, specifically in offering alternatives to those in the Facility Association, the […]
The Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system including “customized coverages” for accident benefits (AB). The Ministry of Finance has posted the discussion paper on its website and is asking for feedback by September 10 of this year on the proposal. The basic plan would […]
July 31, 2004
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