NU Online News Service, Jan. 27, 2:17 p.m. EST
Zurich Financial Services Group says it expects its losses from flooding inThailandto range between $250 million and $300 million.
Zurichsays catastrophe losses are expected to impact fourth-quarter results by around $200 million to $250 million. This range includes the impact of the floods inThailand, the increased cost of the earthquakes inNew Zealand, and the further benefits of recoveries from the company’s global aggregate catastrophe reinsurance cover.
Zurichsays in a statement, “Given the exceptional frequency and overall severity of catastrophes and significant weather related loss-events throughout 2011, including the events mentioned above, cumulative losses have triggered the Group's global aggregate catastrophe reinsurance cover with additional recoveries of $130 million.
