One Weekend’s Cat Losses Could Cost Partner Re $390 Million
Mar/09/2010 09:49 AM Filed in: Reinsurance
Claims could rise
even higher as damaged is assessed.
Bermuda-based
Partner
Re estimates
that its losses from last month’s earthquake in
Chile and European Windstorm
Xynthia could
top $390 million combined, according to a company
statement.
Partner Re said it expects claims relating to the earthquake will be between $220 million to $320 million on a pre-tax basis.
Estimated claims are based on $6 billion to $10 billion in total insured losses for the Feb. 27 Chile quake which Partner Re ran through a "top down analysis" and model output.
The company said that total insured losses were compared to Partner Re’s of individual treaties and client data along with the firm’s market position in the region.
The company warned, however, that losses could jump higher as it review claims and damage estimates.
"As additional information is received particularly relating to potential structural damage in the capital of Santiago, we will update this estimate," the statement said.
The firm added that losses from Windstorm Xynthia could range from $40 million to $70 million and are based on total insured losses of $2 billion to $4 billion.
Partner Re said it expects claims relating to the earthquake will be between $220 million to $320 million on a pre-tax basis.
Estimated claims are based on $6 billion to $10 billion in total insured losses for the Feb. 27 Chile quake which Partner Re ran through a "top down analysis" and model output.
The company said that total insured losses were compared to Partner Re’s of individual treaties and client data along with the firm’s market position in the region.
The company warned, however, that losses could jump higher as it review claims and damage estimates.
"As additional information is received particularly relating to potential structural damage in the capital of Santiago, we will update this estimate," the statement said.
The firm added that losses from Windstorm Xynthia could range from $40 million to $70 million and are based on total insured losses of $2 billion to $4 billion.