Converium Estimates CAT Losses; $15M For Tsunami
NU Online News Service, Feb. 4, 4:20 p.m. EST?Reinsurer Converium Holding AG has released updated catastrophe loss estimates including $15 million from last year's Indian Ocean tsunami and other losses from hurricanes and typhoons.[@@]
The Zug, Switzerland-based Converium said the $15 million figure is a pre-tax net loss from the Dec. 26, 2004 tsunami. The company said expected losses are concentrated in property and non-life personal accident lines of business.
Additionally, Converium has upped its estimate of expected net losses from third-quarter Atlantic hurricanes by $23 million and losses from Japan typhoons by $13 million. In all, the company said it now expects $132 million in total pre-tax net losses from these hurricanes and typhoons.
The majority of losses for the hurricanes, Converium noted, stem from Ivan. Total industry claims (including Caribbean losses) from that storm are now believed to reach $9 billion, up from earlier estimates of between $4 billion and $6 billion.
Converium said the unusual string of natural catastrophes is not expected to materially weaken its strong capitalization.
The reinsurer also offered its loss estimate from last month's severe winter storm Erwin that swept across Northern Europe from Jan. 7-9. Converium said the event is expected to result in pre-tax net losses of between $25 million and $40 million for the reinsurer. Total estimated industry losses from Erwin range from $1.3-to-$1.8 billion.
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