Catlin’s Japan losses could reach $200m

 
City A.M. Reporter
CATLIN Group yesterday estimated its losses from the Japanese earthquake and tsunami will be around $200m (£122m), net of reinsurance and reinstatements.

The insurer also admitted that the estimate – which is based on total insured losses of between $20bn and $30bn – is subject to a considerable degree of uncertainty as the full scale of damage is not yet known.

Catlin had previously estimated that its losses from other first-quarter catastrophes would amount to $175m.

These figures included the January floods in Australia, and the February earthquake in Christchurch, New Zealand.

Catlin said in a statement: “This estimate is subject to a considerable degree of uncertainty as the full scale of human and economic damage is not yet known.

“It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision.”