Reinsurer considers it ‘premature’ to estimate Japan losses
Bermuda-based (re)insurer Endurance Specialty expects combined losses from the 2011 Australia and New Zealand events of $55m.
The (re)insurer’s initial loss estimate for January flooding in Australia is $15m, and it is expecting a further $45m from the 21 February earthquake in New Zealand. The company classified its losses from cyclone Yasi as “not material”.
Endurance is in the process of estimating claims from the 11 March earthquake and tsunami in Japan. “However, given the limited information received from its clients and brokers to date and the significant uncertainties regarding the extent and nature of the damages resulting from the earthquake and tsunami, Endurance believes it is premature at this time to estimate its losses from this event,” a company statement read.