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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—XL Group P.L.C. said its preliminary net loss estimates from the New Zealand earthquake range from $70 million to $85 million.
The insurer said Wednesday that its loss estimates are pretax and net of reinsurance and reinstatement premiums, and that a majority of the losses are attributable to its reinsurance segment.
In a statement, Hamilton, Bermuda-based XL said its loss estimates in the Feb. 22 quake that struck Christchurch, New Zealand, were based on a review of its individual treaties and policies and client data received to date. XL also said it took into account total insured market loss estimates.
“Given there is currently a wide range of estimates for the extent of total economic and insured industry losses, (XL’s) loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available,” XL said in its statement.
Total insurance industry claims from the quake are expected to be between $6 billion and $12 billion, Swiss Reinsurance Co. Ltd. said in a report early this month.
The magnitude 6.3 earthquake that struck New Zealand’s South Island caused deaths and widespread damage.
CHRISTCHURCH, New Zealand (Reuters)—The insurance industry faces damage claims of between $3.5 billion and $8 billion from Tuesday's devastating earthquake around Christchurch, New Zealand, catastrophe modeling firm AIR Worldwide Corp. said.