Claims
Risk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions pegs initial losses at US$2-$7 billion. AIR Worldwide is at the low end of the […]
By Canadian Underwriter | September 16, 2004
1 min read
WICC Ontario is donating $25,000 to fund prostate cancer research projects in recognition of “Prostate Cancer Awareness Week”, September 20 to 26. The funding is part of WICC’s new goal to reach beyond breast cancer to the fight against all forms of cancer, says WICC co-chair Linda Wahrer. “WICC will continue to donate a base […]
By Canadian Underwriter | September 15, 2004
Two new reports look at emerging trends in property catastrophe reinsurance, just as the U.S. awaits the arrival of Ivan, the third major hurricane of the year.Rating agency Standard & Poor’s notes that the onslaught of new property catastrophe reinsurance capacity since September 11, 2001, combined with the emergence of vendor risk modeling systems has […]
2 min read
Hurricane Ivan was making its unwelcome arrival on the coast of Alabama late Wednesday, and risk modeler Risk Management Solutions (RMS) says the storm could produce US$4-$10 billion in insured damage based on current forecasts.RMS says the high end of its estimates take in landfall on the coast from Mississippi to Mobile Bay, Alabama, the […]
Risk
Insurance securitizations, once perceived as a competitive threat to reinsurers, have become a complementary product to traditional reinsurance coverage, notes a new report by Standard & Poor’s.”Insurance securitizations have long been viewed as an alternative for of risk transfer to reinsurance, with insurers ceding their risks to the capital markets in order to improve financial […]
Rating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the past two years, Moody’s says the ratings environment should moderate and decisions will be geared […]
By Canadian Underwriter | September 14, 2004
Despite a downturn in the insurance pricing environment, the London market is expected to maintain its record-setting profits and capacity through 2004 and 2005, according to the annual London Insurance Market survey by PricewaterhouseCoopers.However, insurers will be tested to maintain underwriting standards and make sound capital allocation decisions or risk the wrath of rating agencies […]
Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently under a hurricane watch, which will likely be upgraded to a warning, according to the […]
A new study by Analysis Group, commissioned by U.S. insurers and reinsurers, finds if the Terrorism Risk Insurance Act is not extended beyond 2005, and a catastrophic terrorist attack occurs, tens of thousands of jobs would be lost and thousands of commercial bankruptcies would occur. Even without an attack, the lack of adequate, affordable terrorism […]
Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of the storm which has already ravaged Grenada, Jamaica and the Cayman Islands, with more than […]
By Canadian Underwriter | September 13, 2004
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