XL estimates losses up to $85m for NZ earthquake
XL Group plc. has announced preliminary net loss estimates of between $70 million and $85 million for the earthquake that devastated Christchurch, New Zealand last month.
The company's estimates, pretax and net of reinsurance and reinstatement premium are attributable to XL's reinsurance segment. They are based on its review of individual treaties and policies expected to be impacted and client data received to date. They have also taken into account current total insured market loss estimates, both from published sources and the company's internal analysis.
These preliminary loss estimates correspond to expected insured market losses for the New Zealand earthquake in the range of $8 billion to $12 billion.