Advertise
Resources
Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda—PartnerRe Ltd. says it expects damage in Australia from floods and Cyclone Yasi to result in net insurance claims of $80 million to $100 million for the first quarter of this year.
During January, there was widespread flooding in parts of Australia, including the states of Queensland and Victoria. In early February, Cyclone Yasi caused further flooding and property damage in Queensland.
The Pembroke, Bermuda-based reinsurer said Tuesday that losses from the floods, and damage caused by the cyclone, would impact reinsurance contracts it underwrote.
The first-quarter losses followed losses experienced by many insurers and reinsurers in the last quarter of 2010 that were caused by flooding in Australia.
Last week, PartnerRe said its 2010 profits had been dented, in part, by claims from the floods.
Separately, the Insurance Council of Australia late last week increased its estimates for flood-related claims by its members to $2.67 billion Australian ($2.68 billion).
The ICA said insured losses from the floods in Queensland were estimated at $2 billion Australian ($2 billion), up from a previously announced estimate of $1.51 billion Australian ($1.51 billion).
Claims from the flooding in Victoria, meanwhile, were estimated at $67 million Australian ($67.1 million), down slightly from the previously announced estimate of $69 million Australian ($69.1 million).