Claims
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 […]
By Canadian Underwriter | September 20, 2005
2 min read
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 […]
1 min read
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 […]
Industry
The Insurance Brokers Association of Canada (IBAC) will be holding its first-ever National Best Practices Symposium on October 18-19, 2005, in conjunction with the IBAO Convention at the Royal York Hotel, Toronto.”The Best Practices Management Institute features sessions by knowledgeable industry insiders,” IBAC CEO Dan Danyluk says. “These workshops have been carefully structured to give […]
By Canadian Underwriter | September 16, 2005
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 […]
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 […]
Risk
Integro (Canada) Ltd. recently hired David Spratt as chief financial officer (CFO). Working out of the Company’s Toronto office, Spratt will be responsible for all aspects of finance, administration, human resources and compliance for Integro Canadian operations. Most recently Spratt served as global CFO for the Marsh Captive Management practice in Bermuda and additionally, has […]
Fitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch says in a statement.Although Lloyd’s specific syndicates did not model Hurricane Katrina’s flood-related losses, Fitch […]
By Canadian Underwriter | September 15, 2005
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