Posted on 09 Mar 2010
PartnerRe Ltd. on Monday provided its initial estimates of expected claims relating to the recent earthquake in Chile and European Windstorm Xynthia.
PartnerRe expects that total insured industry losses from the 8.8 magnitude earthquake in Chile, which hit on February 27, 2010, will be in the range of approximately $6-$10 billion. Within this context, the Company expects its claims relating to the earthquake will be between $220-$320 million pre-tax and are expected to be contained primarily within the Global Property & Casualty, Catastrophe and PARIS RE sub-segments.
PartnerRe's loss estimate is net of reinstatement premium and retrocession. It is based on a top down analysis as well as on model output, the assessment of individual treaties and client data, and is consistent with the Company's market position in the region. This estimate is preliminary, as there is limited actual loss data. As additional information is received particularly relating to potential structural damage in the capital of Santiago, we will update this estimate.
European Windstorm Xynthia, which struck Europe over the weekend of February 27-28, is estimated to have caused industry losses in the range of $2-$4 billion, having swept across several European countries including Portugal, Spain, France, Belgium, the Netherlands, Luxembourg, and Germany. PartnerRe expects its claims relating to Windstorm Xynthia will be between $40-$70 million pre-tax and are expected to be contained primarily within the Catastrophe and PARIS RE sub-segments. This estimate is net of reinstatement premium and retrocession.