A.M. Best Comments on the Impact of the Southern Ontario Storm on the Canadian Property/Casualty Industry.OLDWICK, N.J. -- On August 19, 2005, Southern Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. was impacted by a 1/100 year storm that resulted in vast property damages and losses totaling millions of dollars. Industry experts believe that as a result of this storm, losses will exceed $400 million, making it the highest insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. loss in Ontario history. A.M. Best Co. is analyzing information on interactively rated companies in order to assess the financial impact the storm will have on the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. property/casualty insurance industry. Early indications reveal that no immediate rating actions are warranted, and all interactively rated companies should be able to meet their commitments despite the projected magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the of the potential losses. A.M. Best will closely monitor the impact of the storm in greater detail as additional information becomes available. Currently A.M. Best maintains 111 interactive financial strength ratings and 51 public data (pd) ratings on Canadian property/casualty companies. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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