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Zurich estimates Thai flooding losses at up to $250M

Zurich estimates Thai flooding losses at up to $250M

ZURICH—Zurich Financial Services Ltd. expects catastrophes to cost it between $200 million and $250 million in the fourth quarter, the insurer announced Thursday.

The figure includes losses from flooding in Thailand and increased losses from last February's earthquake in New Zealand.

Zurich estimates its Thai flood losses to be between $250 million and $300 million. Zurich also said it had increased estimated losses from the New Zealand earthquake and its aftershocks by $80 million “in anticipation of more restrictive requirements and new building codes, which may impact reconstruction costs, along with further quakes and aftershocks.”

“Given the exceptional frequency and overall severity of catastrophes and significant weather-related loss events throughout 2011, including the events mentioned above, cumulative losses have triggered the group's global aggregate catastrophe reinsurance cover with additional recoveries of $130 million,” Zurich said in a statement announcing the estimates.