PartnerRe raises loss estimate for New Zealand earthquake
PartnerRe yesterday more than doubled its estimate of losses relating to the New Zealand earthquake to between $140 million and $160 million.
The 7.4-magnitude quake rocked the South Island on September 3 this year and caused widespread damage in and around the city of Christchurch.
In its third-quarter financial results, PartnerRe had estimated losses from the event to be around $64 million.
The upward revision “is based on a review of recent information received from several cedants and reflects the higher than expected number of new claims filed in November and December” the company said in a statement yesterday.
“It also reflects engineering reports regarding the extent of land damage. Based on this information, the company estimates an industry loss of approximately $4.5 billion to $5.5 billion.”