UK and Lloyd’s insurer Amlin plc held a presentation for analysts today focused on updating its catastrophe estimates.
Amlin estimated that net claims from the two major U.S. tornadoes during April and May 2011 were approximately $50 million. It also said that “estimated claims from the New Zealand and Japan earthquakes remain subject to uncertainty. The net reserve for these events remains materially unchanged.”
The company reiterated its position that “any deterioration in loss estimates will be partly recoverable from our reinsurance program. In addition the structure of the reinsurance program for London allows for significantly increased reinsurance protection being available for future major events in 2011. During the second quarter of 2011, Amlin purchased an additional $40 million of cover to further extend this reinsurance protection.”
In what could be a sign of an upturn in the catastrophe reinsurance market, Amlin noted that “rates for US catastrophe reinsurance underwritten by Amlin are estimated to have increased by 7 percent for the June and July renewals. In International catastrophe reinsurance, renewal rates on Amlin’s portfolio are estimated to have increased by 50 percent over the same period.”
Source: Amlin Plc
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