Claims
Insured losses caused by Hurricane Gustav could range from US$2 billion to US$10 billion according to initial estimates. Gustav came ashore near Cocodrie, Louisiana, about 70 miles southwest of New Orleans, on Sept. 1 as a relatively fast-moving Category 2 hurricane. Maximum sustained winds reached 110 mph and the central pressure registered at 957 mb, […]
By Canadian Underwriter | September 2, 2008
2 min read
It's a perfectly professional and appropriate reaction for a claims handler to express empathy when first hearing about a client's loss
August 31, 2008
5 min read
Although New Orleans’ levees have been strengthened since Hurricane Katrina ripped through them three years ago, they are not scheduled for completion until 2011, leaving the city “far from protected” as Tropical Storm Gustav approaches, according to the Seattle Times. According to the Times, the hurricane protection system’s US$15-billion upgrade is only 20% complete, though […]
By Canadian Underwriter | August 29, 2008
1 min read
Natural catastrophe (nat cat) bonds, currently the main insurance-linked securities (ILS) asset class, have proven generally resilient during the capital market’s turbulence over the past year, with the acid test being the current credit crunch, reports Standard & Poor’s.The pricing of nat cats, particularly since the credit market disruptions that began in mid-2007, shows how […]
By Canadian Underwriter | August 27, 2008
Carstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to the role 25 years in senior automotive franchise system management positions. Lloyd Wheeler will take […]
By Canadian Underwriter | August 19, 2008
Tropical Storm Fay is expected to cross the Florida Keys on Monday night arriving on the west coast on Tuesday afternoon, possibly at hurricane strength. The National Hurricane Center (NHC) has given a near 40% probability to Fay’s achieving hurricane status by landfall, and a 7% probability that it will arrive as a Category 2 […]
By Canadian Underwriter | August 18, 2008
Risk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can produce various types and combinations of damage from different perils, making them extremely challenging to […]
By Canadian Underwriter | August 14, 2008
ING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well as weakness in the equity markets, resulting in a reduction in investment gains.The company’s return […]
By Canadian Underwriter | August 13, 2008
Based on current and projected climate signals, Tropical Storm Risk (TSR) has increased its outlook for Atlantic hurricane activity in 2008. TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2008 will be 90% above the long-term norm, as compared to the 35% above-norm predictions issued on July 4, 2008, according to a Benfield […]
By Canadian Underwriter | August 11, 2008
Munich Re Group has recorded a profit of EUR1.4 billion (Cdn$2.2 billion) in the first six months of 2008, down from its profit of EUR2.1 billion (Cdn$3.4 billion) during the first half of 2007.”Despite marked reductions in share prices and the fall in the dollar, the profit for 2008 should be well above EUR2 billion […]
By Canadian Underwriter | August 6, 2008
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