New Zealand: Insured quake losses to hit US$12 bln (updated 3/3/2011)

New Zealand: Swiss Re estimates quake cost at US$800 mln

Global reinsurer, Swiss Re, says that its preliminary estimate of its claims cost from the earthquake in New Zealand on 22 February is about US$800 million, net of retrocession and before tax.

The total insured claims for the insurance sector for the earthquake in New Zealand are estimated to be between US$6 billion to US$12 billion

3/3/2011


Insured losses from Monday's earthquake in Christchurch may reach US$12 billion, said JPMorgan Chase. The disaster is described as New Zealand's deadliest earthquake in eight decades.

Reinsurance rates could rise following NZ quake. New Zealand's deadliest earthquake in eight decades, which took place this week in the country's second largest city of Christchurch, may lead to higher prices for reinsurance in the Asia-Pacific region, reports Bloomberg.
 
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Asia Insurance Review
25/2/2011