Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 19th of June 2018
March 16, 2011

ACE announces catastrophe loss estimates

by Gill Montia

Story link: ACE announces catastrophe loss estimates

ACE Group has announced that preliminary net after-tax losses in the first quarter of 2011 have been estimated at $210 million from natural catastrophes, including the New Zealand earthquake, the Australian floods and Cyclone Yasi, and the US winter storms.

Of the total, $115 million is attributable to the New Zealand earthquake, $80 million to the Australian events in aggregate, and $15 million to the US winter storms.

Separately, the company estimates net after-tax losses in the first quarter related to the Japanese earthquake event, for both insurance and reinsurance, will range from $200 million to $250 million.

Estimates for the Japanese earthquake event are preliminary, given details are still unfolding.

ACE conducts its business on a worldwide basis and currently has a physical presence in 53 countries.

 

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