Posted on 15 Apr 2011
PartnerRe Ltd this week announced loss estimates of approximately $500 million from the earthquake and tsunami that struck Japan last month the biggest loss posted by any Bermuda-based insurer so far for the event.
The net loss for the event, which will be recorded in the company’s first quarter 2011 results, will primarily impact the reinsurer’s catastrophe sub-segment, with smaller amounts included in its other non-life sub-segments and its corporate and other segment.
Loss estimates are pre-tax, net of retrocession and reinstatement premiums.
The company estimates that total insured non-life industry losses from the earthquake and tsunami are likely to be in the range of $25 billion to $30 billion.