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Daily Insurance Industry News
Sunday 26th of May 2019
March 2, 2011

Swiss Re estimates losses from NZ earthquake

by Richard Kilner

Story link: Swiss Re estimates losses from NZ earthquake

Swiss Re has issued a preliminary estimate, based on present information, that the 22 February earthquake that struck New Zealand will cause the firm US$800m of losses (pre-tax and net of retrocession).

The total cost of the earthquake for the insurance sector is thought to come to between US$6bn and US$12bn.

Christchurch was struck by the 6.3 magnitude earthquake last month, and the city suffered extensive damage to buildings and a number of fatalities.

Swiss Re Chief Executive Officer Stefan Lippe said that, despite the robust risk prevention measures in place in New Zealand, the earthquake unfortunately caused a heavy toll in terms of human life.

Lippe added that the firm’s role in the aftermath was to help the people of Christchurch to rebuild and recover as rapidly as possible.

AIR Worldwide has estimated that the earthquake will cost the insurance sector a total between US$3.5bn and US$8bn.

Today, Amlin reported that its annual pre-tax profits had been approximately halved, a decline largely attributed to the earthquakes in New Zealand and Chile.

 

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