Hannover Re Estimates Japan Quake, Tsunami Losses at $355 Million

Hannover Re announced that, “based on its analysis of individual treaties,” its loss expenditure from the Japan earthquake is expected to be around €250 million [$355 million] after retrocessions and before taxes.

CEO Ulrich Wallin noted that the earthquake is one of the most devastating natural disasters suffered by the people of Japan in their history. “We have been deeply shaken on a personal level by the events that have unfolded in Japan,” he added. “All our sympathies go out to the Japanese people. We shall assist and support our Japanese clients and, in our role as reinsurer, we shall play our part in shouldering the resulting burden.”

Hannover Re’s statement cautioned that in view of the complexity of the event, “reliable information on the total market loss for the insurance industry is not yet available. Any assessment of the loss amount is therefore still subject to considerable uncertainty.”

Hannover Re said it would provide more detailed information on the current financial year on 3 May 2011 in the context of its reporting on the first quarter.

Source: Hannover Re