Catlin Raises Estimates of NZ Quake Losses to $45 Million

Catlin Group Limited announced that, “based on total insured losses from the New Zealand earthquake of US$5.5 billion to US$6 billion, its loss amounts are approximately US$45 million, net of reinsurance and reinstatements.

The revised estimate increases Catlin’s previous exposure by around US$10 million.

Catlin explained that its “estimate is based on information obtained to date from brokers and clients, a comprehensive review of direct insurance and reinsurance contracts, and information derived from catastrophe modeling analysis.

“The vast majority of the loss arises from property treaty reinsurance contracts written by the Group’s London/UK and Bermuda underwriting hubs.”

Source: Catlin Group