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Everest Re Expects Losses of $320M from Japan Quake, Sees Market Firming

Posted on 13 Apr 2011

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Everest Re Group Ltd. announced on Tuesday that it expects to incur a loss of $320 million from Japan's March 11 earthquake and tsunami.

The insurer and reinsurer said the estimate is based on a $25 billion loss to the industry.

"Given the frequency and severity of recent events, we expect market pricing to firm worldwide for property catastrophe capacity," said Joseph Taranto, chairman and chief executive of Everest Re, in a statement.

"With significant financial resources, despite the losses in the first quarter, we are well prepared to respond to our clients' needs."