Catlin’s preliminary NZ Quake Loss Estimates app. $125 million
The Bermuda-based Catlin Group Limited announced a preliminary estimate of the financial impact of the February 22nd earthquake, which occurred near Christchurch, New Zealand, of approximately US$125 million, net of reinsurance and reinstatements.
The magnitude-6.3 earthquake resulted in more than 150 deaths and caused significant damage to residential and commercial property.
Catlin cautioned that the estimate “is subject to material uncertainty. It will be many months until the total amount of insured damage and Catlin’s claims arising from this catastrophe can be estimated with precision.”
Source: Catlin Group
Popular Today
- Auto Insurance Shopping ‘Hot,’ Consumers Switching ‘Sizzling’: LexisNexis
- Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B
- Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance
- Greater Chance of Major Hurricane on East Coast This Year, Less in Gulf, Scientist Says