Aspen Estimates $59 Million Loss From Floods
Bermuda-based Aspen Insurance Holdings Limited said its initial loss estimate of approximately $59 million [$54 million after tax] and net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2013. This estimate is split approximately 85% and 15% respectively between the Reinsurance and Insurance segments.
Losses contributing to this estimate include flooding in Central Europe, Canada and India, and tornadoes and hailstorms in the United States. The largest of these events, Central European flooding, accounts for approximately $31 million [$28 million after tax] of the total preliminary loss estimate. Aspen has estimated the industry losses from this event to be between $4.0 billion and $4.5 billion.
