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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.”