Reinsurer estimates damage from storms and flooding

Bermuda-based reinsurer PartnerRe estimates that Australian catastrophes that hit in the first quarter will cost it between $80m and $100m.

Loss estimates are pre-tax, net of retrocession and reinstatement premiums, and relate to all reinsurance contracts expected to be impacted by these events.

During January 2011, torrential rain and widespread flooding affected large areas of Australia, including Queensland and Victoria. Additionally, on February 3, 2011, Tropical Cyclone Yasi made landfall as a Category 4 storm in North Queensland, causing widespread property damage and flooding across the region.