Log In

Reset Password
BERMUDA | RSS PODCAST

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.

You must be Registered or to post comment or to vote.

Published July 18, 2013 at 9:00 am (Updated July 17, 2013 at 8:06 pm)

Aspen estimates $59m in Europe flooding, other cat losses in Q2

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon