Claims
Berkshire Hathaway (BRK.A; BRK.B) estimates “it will incur 3-5% of the industry losses associated with Hurricane Katrina,” the company has announced.Industry losses have recently been estimated at anywhere between $40 billion to $60 billion. If these figures hold true, Berkshire’s estimate would amount to losses of anywhere in the range of US$1.2 billion to $3 […]
By Canadian Underwriter | September 21, 2005
1 min read
Canadian-based Manulife Financial Corporation [TSX/NYSE/PSE: MFC; SEHK: 0945] estimates its after-tax losses related to damages left by Hurricane Katrina will be US$165 million.Manulife provides property catastrophe coverage to a number of reinsurers, the company said in a statement. “Reinsurers generally begin to pay limited benefits when insured losses from a catastrophic event exceed US$20 billion.”The […]
By Canadian Underwriter | September 20, 2005
Already flooded and battered by Hurricane Katrina, a Category 4 hurricane, Louisiana now faces the possibility of being hit by Hurricane Rita sometime around Sept. 24.Hurricane Rita is now a Category 1 hurricane in the Bahamas, with maximum sustained wind speeds of 75 mph. Rita is anticipated to hit the southernmost tip of Florida and […]
2 min read
Louisiana Gov. Kathleen Blanco is expected to sign an emergency order that would severely restrict the ability of property/casualty and health insurers to cancel a policy within the seven-parish region that was hit hardest by Hurricane Katrina, A.M. Best reports.Bobby Clark, a spokeswoman for the Louisiana Department of Insurance, reportedly said the insurance commissioner is […]
Fitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current, “state-of-the-art” technology. But “we are increasingly concerned that there are many sources of loss in […]
By Canadian Underwriter | September 19, 2005
Risk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses of between US$40 billion and $60 billion as a result of Katrina. The flooding of […]
The remnants of tropical storm Ophelia have tracked eastward, away from Newfoundland, and the Canadian Hurricane Centre of Environment Canada has lifted all warnings for inland areas of Newfoundland.Once a Category 1 storm that swept through Northern Carolina last week, Ophelia has now been downgraded by the Canadian Hurricane Centre to a “post-tropical storm,” with […]
Pethealth Inc. (TSX VENTURE:PTZ), will be suspending insurance premium payments through January 1, 2006 for all PETCO P.A.L.S. members enrolled in a PetCare insurance plan and who live in Louisiana, Mississippi, or Alabama. “With a catastrophe of this magnitude we wanted to lessen the financial burden on P.A.L.S. members,” Mark Warren, president and CEO of […]
By Canadian Underwriter | September 16, 2005
U.S. industry analysts are predicting insurance premium rate increases along the U.S. Gulf States and along the eastern seaboard in the aftermath of Hurricane Katrina although the rates are not expected to rise in the immediate future.”The claims in Louisiana are not going to impact premiums in Illinois, New York or New Jersey,” Dick Luedke, […]
Mississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast residents excluding coverage from damage caused by Hurricane Katrina.In a press release, Hood is quoted […]
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