Catlin: NZ Quake Losses Estimated At $125M
Catlin Group Limited, the Bermuda-based international specialty property/casualty insurer and reinsurer, today [Mar. 10] announced an initial estimate of the financial impact of the 22 February 2011 earthquake which occurred near Christchurch, New Zealand.
The magnitude-6.3 earthquake resulted in more than 150 deaths and caused significant damage to residential and commercial property.
Catlin currently estimates that its losses related to this event amount to approximately$125 million, net of reinsurance and reinstatements.
“This estimate is subject to a considerable degree of uncertainty,” said a Catlin spokesman. ”It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision.”
Other re/insurers either based here or with major Bermuda operations have also announced multi-million dollar loss estimates as a result of the New Zealand earthquake including Partner Re, XL Group and Allied World.
