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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Insurer and reinsurer Hiscox Ltd. said Wednesday that it expects losses of about $100 million from the earthquake in Japan.
The Hamilton, Bermuda-based company said that while considerable uncertainty exists about the magnitude of insured losses from the March 11 earthquake, it expects its losses to be between $60 million and $150 million, “with a mean loss of $100 million.”
In addition, Hiscox said it expects claims of about £60 million ($96.1 million) from this year’s earthquake in New Zealand, and about £15 million ($24 million) from floods in Australia.
“These events will only minimally impair our own reinsurance program,” Robert Childs, chief underwriting officer at Hiscox, said in a statement. “In the reinsurance we underwrite, we have seen significant increases in rates for the affected regions and expect this pressure to be widespread.”
BOSTON—AIR Worldwide Corp. has narrowed its estimate of insured property losses in disaster-stricken Japan to $20 billion to $30 billion, the catastrophe modeler said Thursday.