Montpelier Re: $75 to $100 in Chile Quake Claims
Another Bermuda based reinsurance company has announced estimated losses from the Chilean earthquake and international windstorms.
Montpelier Re Holdings Ltd expects less then $10 million in claims from the European and Australian hailstorms, and projects losses of $75 million to $100 million for the Chile earthquake.
NASA reports that the magnitude 8.8 earthquake in Chile may have shortened the length of each day up to 1.26 microseconds as it was so powerful it shifted Earth’s axis.
Montpelier’s estimates are pretax and net of reinstatement premiums. In view of the uncertainties associated with this initial estimate, particularly the limited number of loss advices received from clients to date, actual losses may differ significantly from the estimate.
2010 Earthquake/Storm Estimates Given by Bermuda Based Reinsurers to date exceed a billion dollars:
- Everest Re Group Ltd said it expects losses of approximately $225 million related to the Chilean earthquake.
- PartnerRe expect to receive claims of $220-$320 million after the severe damage caused by earthquake in Chile
- Platinum announced an initial loss estimate of $85 million from first quarter 2010 catastrophe events.
- Validus provided an initial estimate of losses from the earthquake and windstorm of $170 to $270 million.
- Flagstone said its estimated losses from claims related to the recent earthquake in Chile will be $50 million
- Max Capital projects claims of $10 – $20 million
- Axis expects claims of $60 – $120 million from the quake, and $10 – $20 million from storm
- RenaissanceRe said the impact on its financial results “will be significant and could be material”.
