Amlin sees disaster losses of up to £275m

5th Apr 2011 07:19

The recent natural disasters in New Zealand, Japan and Australia could result in Amlin facing claims of as much as £275m, according to estimates released by the underwriter.Amlin estimates that the second earthquake in New Zealand will result in it facing claims of £110m, while claims resulting from the earthquake and tsunami in Japan are likely to come in at between £80m and £150m. Net claims from the floods in Queensland, Australia, are seen amounting to about £15m.Amlin said there is little detailed information on the New Zealand earthquake on which to conduct a full analysis, but based its estimates on predictions of an overall loss of US$12bn (£7.5bn).The estimate for Japan "is subject to considerable uncertainty." The company said that its estimate was based on expectations of total losses of between $12bn and $25bn.Amlin also updated on overall trading."Amlin will continue to benefit from the diversity of its account in 2011," said underwriting director at Amlin London Simon Beale. "Early market signs suggest that previously reported softening in certain areas will be arrested and loss affected areas will see strong rate increases."RG