Aspen estimates $59m in Europe flooding, other cat losses in Q2
Bermuda’s Aspen Insurance said it has made an initial loss estimate of approximately $59 million, or $54 million after tax and net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter.
This estimate is split approximately 85 percent and 15 percent respectively between the Reinsurance and Insurance segments, Aspen said in a statement.
Losses contributing to this estimate, Aspen said, include flooding in Central Europe, Canada and India, and tornadoes and hailstorms in the United States.
The largest of these events, Central European flooding, accounts for approximately $31 million ($28 million after tax) of the total preliminary loss estimate. Aspen has estimated the industry losses from this event to be between $4.0 billion and $4.5 billion.
Aspen’s estimates are based on its review of the individual treaties and policies expected to be impacted, and discussions with clients and brokers. In making this initial estimate, Aspen has also taken into account a combination of provisional loss advices, limited client loss data and modelled loss projections. Given the complexity of these events, there is considerable uncertainty associated with this estimate and actual losses may differ materially.