Catlin: $200 Million Japan Loss Estimate
Catlin Group Limited, the Bermuda-based property/casualty re/insurer, today [Apr. 19] said its losses related to the Japanese earthquake and tsunami will amount to approximately US$200 million, net of reinsurance and reinstatements.
This estimate is based on total insured losses of between US$20 billion and US$30 billion caused by the March earthquake and tsunami which devastated areas of northeast Japan.
Catlin said its initial estimate is subject to a considerable degree of uncertainty as the full scale of human and economic damage is not yet known.
“It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision,” said the company in a statement.
Catlin had previously estimated that its losses from other first-quarter catastrophes -– the January flooding in Brisbane and other areas of Australia and the February earthquake in Christchurch, New Zealand–- would amount to US$175 million, net of reinsurance and reinstatements.
There has been no material change in the loss estimates arising from either of these events.
Catlin believes that whilst the combined losses from the three first-quarter catastrophes will have a significant impact on 2011 earnings, the group’s capital base remains intact.
