Aspen Estimates Thai Floods: $54 Million
Aspen Insurance Holdings Limited announced an initial estimate of losses of $54 million, net of applicable reinsurance, reinstatement premiums and tax, for the flooding in Thailand.
This is consistent with estimated industry insured losses of $15 billion arising from widespread flooding, which occurred in Thailand in October and November 2011.
“Aspen’s estimate is based on its review of the market insured loss, the individual treaties and policies expected to be impacted, and discussions with clients and brokers. Given the complexity of this event, there is considerable uncertainty associated with this estimate and actual losses may differ materially,” said a statement issued by the Company.
Aspen also announces an increase in its aggregate estimate of losses for natural catastrophes occurring in the first nine months of 2011 of $48 million, net of applicable reinsurance, reinstatement premiums and tax.
This is primarily due to a $36 million increase in Aspen’s loss estimate for the Tohoku earthquake as a result of new information in respect of a major Japanese mutual, to which Aspen is now assuming a total loss from its participation.
