September 2005/5

Following the news that the first Hurricane Katrina lawsuit had been filed against insurers in the US (see Insider Week No. 191), law firms have begun to brief insurance clients in earnest over the challenges they will face in the likely deluge of...

Ratings agency Moody’s Investors Service has added to fears over Advent Underwriting Ltd’s ability to weather its substantial Hurricane Katrina losses by placing its B (average) rating on the company’s Syndicate 780 on review for a possible downgrade.

The industry needs to be prepared for the $100bn storm according to risk assessment experts who last week warned (re)insurers over issues caused by both the rising cost and frequency of hurricane driven catastrophes in the United States.

Risk modelling experts Eqecat released estimates of between $11-19bn for the offshore energy and commercial flood damage caused by Hurricane Katrina. Although the estimates are outside of Eqecat’s usual scope, the company said it was responding to...

Hurricane Rita, the category three storm that made landfall on the Louisiana/Texas border with 120mph winds on 24 September, appears to have spared offshore oil platforms and onshore refineries the worst of its wrath, if latest industry reports...

The (re)insurance industry has continued its assessment of the likely financial impact of hurricane Katrina, the category 4 storm that brought devastation to New Orleans and the US South late last month.

Broking giant Aon Corp is expected to announce extensive job cuts in its UK operations as it emulates its rivals Marsh in reducing its headcount in response to the sluggish rating environment and post-Spitzer impact upon commissions.

Hurricane Rita, the latest addition to an already overactive US storm season, proved to have packed less of a punch than expected over the weekend with major cities and infrastructure spared significant damage, according to the most recent reports.