Omega Insurance: $23 Million From Chile Quake
Bermuda based Omega Insurance Holdings Limited today announced an initial estimate of losses arising from the 2010 Chilean earthquake of approximately $23 million.
This is based on current market loss estimates of between $5.5billion and $8.5billion. There is still material uncertainty surrounding the total market loss, therefore this initial estimate may be subject to revision as the situation becomes clearer.
Omega’s exposure to Chile arises through its international reinsurance account.
On current information the Group does not believe it has any material losses relating to European windstorm Xynthia, nor to any other major catastrophe events in the first quarter of 2010.
It is believed that the catastrophe losses from the Chilean earthquake, the resulting potential loss of profit commission to the Group and the costs associated with the Special General Meeting held on 12 March 2010 will have a material effect on the Group’s full year result.
2010 Earthquake/Storm Estimates Given by Bermuda Based Reinsurers to date total around $2 billion:
- 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
- Montpelier Re expects losses of $75 – $100 million from the earthquake
- Hiscox Ltd estimate a combined net loss of approximately $151 million
- XL Capital said estimated first quarter claims could top $200 million
- Ace Limited expect a loss of $125 million, $75 million from Chile alone
- Allied World expect a loss of $55 to $75 million dollars
- Argo Holdings project a loss of $25 to $35 million
- Arch Capital expect claims of $35 to $55 million
- Lancashire Holdings estimates its net losses at approximately $65 to $125 million
- Catlin Group estimates $140 for Chile, and less then $10 million for Xynthia
- Aspen Insurance estimates up to $110 million in losses from Chile
- RenaissanceRe said the impact on its financial results “will be significant and could be material”.
- White Mountains Insurance provided a loss estimate of $55 – $145 million
