Amlin remains bullish despite catastrophes as rates increase

JAPANESE earthquake and tsunami losses are likely to be at the high end of Amlin’s estimates, the catastrophe insurer said yesterday.

The Lloyd’s insurer has reserved £260m against losses from the New Zealand and Japanese earthquakes alone and said Japan losses “will be towards the top end of our previously published range”.

Gross premium income grew 14 per cent to £1.1bn in the four months to April from £964m in the same period in 2010, largely thanks to its newly-launched Europe reinsurance business, which accounted for £79m of the increase. Its London market business saw premium income rise five per cent, to £512m in the quarter.

Catastrophe and reinsurance rates are now improving, Amlin said, echoing comments by its peers.