Aspen: Aussie Flood & NZ Quake Loss Estimates
Aspen Insurance Holdings Limited announced an estimate of losses from the 2011 Australian Floods and Cyclone Yasi, as well the New Zealand Earthquake of February 21, 2011.
Their initial estimate of losses from the 2011 Australian Brisbane Floods which took place between January 10 and 17, 2011, is in the region of US$30 million post tax and net of reinstatement premiums. Aspen believes that its losses in respect of Cyclone Yasi, the Victoria Floods, which took place between January 13 and 17, 2011, and the other Queensland floods are not material.
A spokesperson said, “The Company’s initial estimate of losses from the February 2011 New Zealand Earthquake is in the region of US$60 million post tax and net of reinstatement premiums and applicable reinsurance, in respect of which the Company has a fully collateralized retrocession cover of US$50 million excess of US$50 million.”
“This initial loss estimate for the February 2011 New Zealand Earthquake is consistent with an industry loss of US$12 billion. The Company has assumed a total loss to all domestic New Zealand placements for this event which is similar to the Company’s approach adopted on estimated losses from the September 2010 New Zealand earthquake.”
“The Company’s post tax loss estimate for the September 2010 New Zealand earthquake remains US$47 million, net of reinstatement premiums. The Company did not have any retrocession in force for the September 2010 New Zealand earthquake.”
