Strong aftershocks rattled New Zealand’s quake-devastated city of Christchurch again Monday, toppling one of the few buildings still standing downtown and sinking thousands of homes into darkness. Bricks crashed down in the cordoned-off city center, where only workers have tread …
After careful calculation Lloyd’s has announced its estimated net claims before tax from the earthquakes this year in Japan and New Zealand and the January 2011 floods in Australia. The current net estimates were given as follows: US$ 1.95 billion …
A.M. Best Asia Pacific Ltd has become the first rating agency to be approved by the Reserve Bank of New Zealand under the conditions of the Insurance (Prudential Supervision) Act 2010. The registration became effective on April 15, 2011. Susanna …
The first quarter of 2011 reminded the insurance industry of just how unpredictable natural catastrophes can be. Beazley plc, which is headquartered in Dublin, but whose main activities, are in the Lloyd’s market, and increasingly in the U.S., saw Q1 …
Transatlantic Holdings (TRH) announced that it expects to incur total net catastrophe costs (net of reinstatement premiums and reinsurance) in the first quarter of 2011 of approximately $355 million, net of tax, based on its preliminary assessment of the impact …
New Zealand’s government has agreed to provide financial support for AMI, the country’s second-largest residential insurer, after two major earthquakes threatened to deplete its capital, Finance Minister Bill English said on Thursday. English said the potential cost for the government …
Specialist insurer Amlin plc has released initial estimates of the impact of the 2011 New Zealand earthquake, the Japanese earthquake and the 2011 Queensland floods. The bulletin described the 2011 New Zealand earthquake as a “major catastrophe with market loss …
A report from Willis Re, the reinsurance brokerage arm of Willis Group Holdings, notes that “relatively orderly price movements at the April 1 Japanese reinsurance renewals reveal that the Tohoku Earthquake is not the catalyst that will bring about a …
Bermuda-based Platinum Underwriters Holdings has announced that it currently expects the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake will “have a net negative impact of approximately $25 million and $135 million, respectively, on the Company’s …
AXIS Capital Holdings Limited has issued a bulletin which estimates that the “total net impact of the New Zealand earthquake and loss events in Australia that have occurred to date in the first quarter of 2011 will be between $275-$315 …
