PartnerRe estimates quake losses of up to $240 million
PartnerRe Ltd has estimated losses of between $180 million and $240 million from the earthquake that shook New Zealand last month.
The initial estimate of expected losses relates to the magnitude 6.3 earthquake which occurred near Christchurch on February 21 and resulted in at least 165 deaths and significant damage to both commercial and residential property.
The estimate is based on an analysis of the company's exposure in the region and is consistent with a modelled total insured loss estimate of NZ$10 billion to NZ$15 billion (US$7.4 to US$11.1billion). The estimate is preliminary, as there is currently only limited information from sources on the ground regarding the extent of structural damage.
PartnerRe's loss estimate is pre-tax, net of retrocession and reinstatement premiums, and relates to all reinsurance contracts expected to be impacted by the event. PartnerRe's loss is expected to be contained primarily within the catastrophe sub-segment.