PartnerRe Estimates Wilma Claims

Bermuda’s PartnerRe Ltd. has given the first estimations of its expected claims relating to Hurricane Wilma, following the hurricane’s passage through Mexico and south Florida over the last week. The estimates are based solely on industry overall insured losses, not on actual claims, which could be quite different.

During its third quarter 2005 earnings conference call this morning (Oct. 25), the company said it expected claims of approximately 3 percent of the estimated $2 to $2.5 billion total insured industry loss in Mexico, and approximately 1 percent of the total insured industry loss in Florida.

That would put the Mexico losses at between $60 and $75 million. The Florida losses, according to RMS (See related article) are preliminarily estimated at between $6 and $10 billion, making PartnerRe’s potential exposure between $60 and $100 million.

The company’s bulletin noted, however, that “due to the recent occurrence of this event, the company does not currently have an estimate for the total industry loss from Wilma in Florida.”