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
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