Report Warns of Dire Consequences Unless Industry, Government Act Hurricane Katrina is a reminder that U.S. insurers, government and consumers are at great risk from escalating losses from hurricanes and other weather-related events, according to a report by a Boston-based …
Odyssey Re Holdings Corp., the reinsurance arm of Canada’s Fairfax, has issued a bulletin from its Stamford, Conn. headquarters indicating that its net pre-tax losses from Hurricane Katrina are expected to be $80 to $100 million, which represents an after-tax …
Bermuda-based PartnerRe Ltd. has issued a bulletin providing an update on the catastrophic events of the third quarter, and the potential impact on the Company’s shareholders’ equity. The bulletin did not give any specific loss estimates. The reinsurer indicated that …
Hurricane Katrina is a reminder to the U.S. insurance industry, companies, governments and the general public that all are at risk from escalating losses from hurricanes and other weather-related events due to climate change resulting from the effects of global …
Germany’s Hannover Re has issued a statement indicating that it will be “heavily impacted by Hurricane ‘Katrina.’” It estimates net losses before tax at around $250 million euros ($314 million), but indicated that it still expects “Return on equity after …
Swiss Re announced that, based on its preliminary estimate, it expects claims related to Hurricane Katrina to be in the range $500 million (CHF 625 million) before tax. “Swiss Re expects Hurricane Katrina to cost the insurance industry in the …
France’s SCOR Group announced that it has obtained permission from the Indian regulatory authority (IRDA) to open a representative office in India, “with a view to strengthening and developing its activities in the Non-Life reinsurance field.” SCOR believes there is …
Kanbay International, Inc., a global IT services firm focused on providing solutions to the financial services industry, announced that the company has been named a winner of the LOMA “Excellence in Education” Award. LOMA is an international association through which …
The U.K.’s largest insurer, Aviva Plc reported strong first half results with worldwide operating profit up 21 percent to 1.318 billion pounds ($2.38 billion), compared to 1.076 billion pounds ($1.94 billion) in the first half of 2004. The record earnings …
Andrew Torrance, CEO of Allianz Cornhill in the U.K., has explained why companies cannot afford to ignore the effects of climate change. As reported on the Allianz Group Website – www.allianz.com – Torrance stressed that changes in the world’s climate …
