Too soon to estimate Japan losses, says Lancashire

15th Mar 2011 07:49

Insurance underwriter Lancashire Holdings said it is too early to give a meaningful estimate of costs relating to the tragic loss of life and significant property damage in Japan following the earthquake and tsunami.A further announcement will be made once information becomes available to make a more informed estimate of the expected losses, the company said.However, the company was able to give an update on losses in a first quarter which has seen the earthquake in Christchurch, New Zealand, floods in Australia, an energy loss in the UK sector of the North Sea and political unrest in Egypt.These losses are estimated to fall in the range of $45m to $55m (net of reinstatement premiums and reinsurance) at the pre-tax level, with the Australian weather related events accounting for around $15m to $25m of those losses.All figures are in US dollars.