Allied World Assurance Company Holdings said it expects to record losses of between $30 million and $40 million from the Feb. 22 New Zealand earthquake.
The prediction is pre-tax and net of reinsurance recoverables, said the Switzerland-based insurer and reinsurer. The company said the estimate could be modified since the preliminary data currently available to come up with the estimate may change.
Catastrophe modeler AIR Worldwide said losses from the magnitude 6.3 earthquake in Christchurch, New Zealand are expected to be between NZ$5 billion (US$3.5 billion) and NZ$11.5 billion (US$8 billion).
Late last week, Germany-based Hannover Re said it expects to take as much as $209 million in losses from the late February earthquake.
Swiss Re recently said it expects its insured losses from the quake to be approximately $800 million, and Validus Holdings said the earthquake could cost the company between $25 million and $50 million.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.