Thai residents wade through floodwaters with their belongings in Nonthaburi province, outskirts of Bangkok, Thailand, Nov. 29, 2011. (AP Photo/Sakchai Lalit)
NU Online News Service, Jan. 19, 11:55 a.m. EST
Transatlantic Holdings Inc. leads the latest group of insurers reporting losses related to the flooding inThailand, with an expected $72 million hit to fourth-quarter results.
Additionally, three Bermuda-based insurers say they expect to record a total of about $132 million.
All estimates are pretax, net of reinsurance and reinstatement premiums.
Aspen Insurance Holdings Ltd. put its losses fromThailandat about $54 million. Axis says it expects a loss of $48 million from the flooding to negatively impact results in the fourth quarter.
Alterra Capital Holdings adds an expected $30 million—primarily from contingent business-interruption claims—in Thailand-related, fourth-quarter catastrophe losses.
The massive flooding in Thailand—which began last summer but peaked during the 2011 fourth quarter—could cost the insurance industry between $10 billion and $20 billion. Aspenbases its estimate on a total loss to the industry of $15 billion—the same total used by PartnerRe in coming up with its expected fourth-quarter charge of $120 million.
Other than losses fromThailand, insurers have been adding to previous insured-loss estimates from earthquakes last year in Japanand and New Zealand.
Aspen says it has chosen to up its loss estimate from the Tohoku earthquake by $36 million “as a result of new information in respect to a major Japanese Mutual, to which Aspen is now assuming a total loss from its participation.”
Added losses from the earthquakes are predicted to add $75 million to Axis’ fourth-quarter catastrophe losses. The company says a “significant” part of the loss is driven by its decision to “reserve the full limit of its exposure for a large mutual, after consideration of updated loss advices.”
After totaling Thai and additional New Zealand-related losses, New York-based Transatlantic says it expects to record a total of $110 million in catastrophe losses for last year’s final quarter.
Alterra says it will record a total of $50 million in fourth-quarter catastrophe losses after factoring in losses from Japanand and New Zealand.
