Allied World Estimates NZ Quake: $30-40 Million
Allied World Assurance Company Holdings announced today [Mar.7] that its initial loss estimate from the February 22, 2011 earthquake in Christchurch, New Zealand is in the $30 million to $40 million range pre-tax and net of reinsurance recoverables.
A spokesperson said, “Allied World’s loss estimates for this event are derived from preliminary information obtained from clients and brokers, a review of the terms of in-force policies and contracts and from its catastrophe modeling analysis.”
“Actual losses from this event may vary materially from the current estimates due to inherent uncertainties resulting from several factors, including the preliminary nature of loss data available, potential inaccuracies and inadequacies in the data that has been provided and the potential for catastrophe modeling inaccuracies.”
The 2011 Christchurch earthquake was a 6.3-magnitude earthquake that struck the Canterbury region in New Zealand’s South Island at 12:51 pm on 22 February 2011 local time, causing widespread damage and multiple fatalities. Over 150 people have been confirmed dead in a tragedy Prime Minister John Key called “New Zealand’s darkest day”.
