PartnerRe: Europe, Canada flood losses at least $95m
PartnerRe says the re/insurer estimates the cost of the European floods in June 2013 will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.
In addition, PartnerRe said it expects material losses related to the extensive flooding in Alberta, Canada. The flooding occurred in late June. Given the timing of the event and the devastation in Calgary and surrounding areas, there is substantial uncertainty regarding the extent of the losses. The company’s preliminary estimate of losses for this event is $45 million to $60 million.
These losses will be recorded in the company’s second quarter 2013 results, the re/insurer said. The majority of these losses are expected to impact the company’s Catastrophe sub-segment, but will also affect the company’s other Non-Life sub-segments.
“The Company’s estimate of losses for these events is based on information received to date from the company’s cedants, as well as analysis of the company’s exposures, supplemented by other loss estimation capabilities,” a statement said. “There is considerable uncertainty associated with any loss estimate, which in this instance, is further complicated by the inherent uncertainties related to flood events. The ultimate loss, therefore, may differ materially from the current estimate.
PartnerRe Ltd. is scheduled to release second quarter and six-month 2013 results following the market close on Monday, July 29, 2013.