Japan quake could cost Hiscox $150m

30th Mar 2011 07:46

The earthquake in New Zealand and the floods in Australia earlier this year should result in total claims of about $75m (£46.9m), while the Japan earthquake could result in losses of as much as $150m, the specialist insurer Hiscox has said."Based on an insured market loss of US$10 billion for the New Zealand earthquake, and US$2.4 billion for the floods in Queensland, Hiscox estimates net claims of approximately £60 million and £15 million respectively," the firm said.Hiscox has also made an early comment on the Japanese earthquake and tsunami of earlier this month. "According to the latest published model, from an insured market loss of approximately US$24bn, Hiscox could incur net claims of between $60m and $150m with a mean loss of $100m," the company said.RG