Claims
Standard & Poor’s Ratings Services stated, in a recent report, that Hurricane Katrina is likley the most costly event to hit the global insurance industry. “Even the low side of loss estimates (about $35 billion) place it at almost twice the cost of the Sept. 11, 2001, attacks and more than Hurricane Andrew with insured […]
By Canadian Underwriter | September 22, 2005
2 min read
The director of U.S.-based National Hurricane Center says the above-average hurricane activity devastating North America could last another 20 years or even longer.Director Max Mayfield recently told the Senate Commerce, Science and Transportation Committee’s Subcommittee on Disaster Prevention and Prediction that the current heightened activity is a result of "natural cycles of hurricane activity, driven […]
1 min read
The recent storm that hit Southern Ontario resulted in vast property damages and losses totaling millions of dollars and resulting losses are expected to exceed $400 million, making it the highest insured loss in Ontario history. Early indications from A.M. Best Co.’s analysis of interactively rated companies impacted by the storm show that Canada’s p&c […]
Standard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty companies (i.e., XL Capital Assurance and XL Financial Assurance) remain unaffected.Standard & Poor’s action is […]
By Canadian Underwriter | September 21, 2005
Damage inflicted in the southern United States as a result of Hurricane Katrina contributed to a rise of wood prices on the BMO Financial Group Commodity Price Index, BMO Economics reported Sept. 21.BMO reports the extensive rebuilding work in the Katrina-hit areas such as Louisiana, Mississippi and Alabama has “lifted the prospects of wood products.”For […]
The National Hurricane Centre in the U.S. says Hurricane Rita, now a Category 4 hurricane, “could reach Category 5 intensity in the central Gulf of Mexico” and is tracking to reach landfall on the south coast of Texas and the southwestern-most part of Louisiana by Sept 23 or 24. “Rita remains an extremely dangerous hurricane,” […]
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 […]
Industry
Allstate Insurance Company of Canada has created an alliance with Pethealth and its PetCare Insurance Programs to bring economic accident and illness care to the estimated 55% of Canadian households who own dogs and cats.”We are receiving more questions from consumers concerned about the costs of treatment for unexpected illness and accident suffered by their […]
By Canadian Underwriter | September 20, 2005
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 […]
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 […]
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