Bermuda-based Montpelier Re Holdings announced that its preliminary pretax net loss estimate from the February New Zealand earthquake will be around US$75 million, net of reinstatement premiums. The Company added that its figure “assumes a US$12 billion industry loss.”
Montpelier Re’s estimate of its net losses from the January floods and Cyclone Yasi in Australia “will be up to $15 million.”
It also cautioned that “in view of the uncertainties associated with these initial estimates, actual losses may differ significantly from the estimate.”
Concerning the earthquake and tsunami in Japan, the reinsurer said it has “commenced its estimation process for expected claims relating to this event but believes it is too early to issue a loss estimate at this time.”
Source: Montpelier Re
Topics Profit Loss Flood Australia
Was this article valuable?
Here are more articles you may enjoy.
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
AI for the Defense: Should Insurers or Law Firms Pay? 
NYC Mayor Eyes City-Run Insurance Program for Affordable Housing 
