Claims
Carvill’s ReAdvisory, a reinsurance intermediary, predicts losses from Hurricane Ophelia “are likely to be light” up to a maximum of $500 million, A.M. Best reports.On-again, off-again Hurricane Ophelia, a Category 1 storm, is continuing to skirt the North Carolina coast for a second day, bringing drenching rains to the state.A.M. Best cited Steve Smith, an […]
By Canadian Underwriter | September 15, 2005
1 min read
Moody’s Investors Service says reinsurers with “outsized exposure” to Hurricane Katrina damage in New Orleans, or to the city’s hard-hit industries such as energy or gaming, “could face rating downgrades, particularly if they do not recapitalize quickly.”The recently released Moody’s report notes devastation wrought by Hurricane Katrina will almost certainly cause an unprecedented level of […]
2 min read
Hurricane Ophelia is continuing to strengthen as it moves closer to the North Carolina coast, the U.S. National Hurricane Center in Miami reports.The intensity of the storm has now reached 80 to 85 mph, which classifies Ophelia as a Category 1 hurricane.The center of Ophelia is forecast to make landfall on Thursday, Sept. 15 along […]
By Canadian Underwriter | September 14, 2005
Industry
More than 70% of Maritime passenger vehicles have improperly inflated tires – a potentially serious problem that leads to reduced road safety, according to a study by the Rubber Association of Canada and Natural Resources Canada. The Maritime number is high, but it is on par with the national average, the study found. Across the […]
Lloyd’s of London estimates its market’s net loss as a result of Hurricane Katrina will be 1.4 billion (U.S. $2.55 billlion).The estimated loss is comparable with the collective impact of four U.S windstorms in 2004, which resulted in a net loss to the market of 1.3 billion (U.S. $2.37 billion).Lloyd’s wrote to all 44 managing […]
Commercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent hurricane according to Moody’s analyst Jeff Berg. In a report presented at the annual Rendes-Vous […]
By Canadian Underwriter | September 13, 2005
Over the past 30 years loses resulting from catastrophic weather events are growing 10 times faster than premiums meaning that if the trend continues, the insurance industry may have to deal with a decrease in coverage and increased costs, according to a recent report commissioned by Ceres.The report states that a trend of higher losses […]
Fitch Ratings placed the ratings of five North American property/casualty insurance and reinsurance organizations on Rating Watch Negative today based on potential large loss exposures to Hurricane Katrina. Affected companies include the Allstate Corporation, Horace Mann Educators Corp., Montpelier Re Holdings, Ltd., PXRE Group Ltd., and State Farm Mutual Automobile Insurance Co.Fitch said it placed […]
Risk
Financial executives at the world’s top companies believe supply chain risks pose the top threat to companies’ revenue, according to a FM Global study. At the same time, close to half of all respondents in the study said risks associated with globalization and outsourcing are only a low priority or concern for their organizations, potentially […]
Swiss Re now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of US $40 billion. Swiss Re estimates its own claims to be in the range of US $1.2 billion. Originally Swiss Re estimated a loss of US $500 million for Hurricane Katrina, on the basis […]
By Canadian Underwriter | September 12, 2005
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