Catastrophe & Restoration

Insured losses from winter storms in Texas are expected to be about $51 million, according to initial estimates based on input from insurers comprising the Southwestern Insurance Information Service.

Independent reinsurance brokerage firm Holborn said the first quarter has been an eventful one for reinsurers, who will post losses on several events including a recent cyclone and flooding in Australia and developing losses from the New Zealand and Chilean earthquakes in 2010.

Catastrophe modeler AIR Worldwide estimates insured losses from a massive winter storm earlier this month to be between $790 million and $1.4 billion.

Snow and ice from Texas and Oklahoma, up through Chicago and on to the Northeast is sure to cause millions of dollars in insured losses. The only question is how many millions?

Catastrophe modeler AIR Worldwide said insured losses from Cyclone Yasi in Australia will be between $354 million and $1.5 billion.

Aon Benfield said economic damages from flooding in Australia during the month of January currently stand at about $5.65 billion and economic losses could reach between $10 billion and $20 billion after the cost of repairing and rebuilding.