Japan losses expected to be ‘within normal risk tolerances’
Bermudian (re)insurer Alterra estimates that it will pay out between $26m and $28m for the catastrophes that have hit so far in 2011, excluding the 11 March earthquake in Japan.
The company expects losses of $5-8m from the January flooding in Australia, $6-10m from cyclone Yasi and $15-20m from the 21 February New Zealand earthquake. The loss estimates are pre-tax and net of reinsurance and reinstatement premiums.
Alterra said it is carefully monitoring the situation in Japan following last week’s earthquake and tsunami in Japan.
“Given the limited information that is available and the uncertainty of potential claims and damages, it is not yet possible to issue a credible loss estimate related to these events,” the company said in a statement. “However, Alterra has no information at this time that indicates that its losses from these events will be outside of Alterra's normal risk tolerances for natural catastrophe events in this geographic region.”