Chaucer says New Zealand quake bill £19m

Insurer Chaucer estimated its loss from last month's New Zealand earthquake at £19m, but said it was still too early to assess the impact of the Japanese quake.

Chaucer, currently in talks with potential buyers including private equity businessman Guy Hands, also cut its estimated loss from the quake that struck New Zealand in September last year to £17m, from an initial estimate of £24m.

The company added it was still assessing its exposure to last week's Japanese quake, which risk modelling agency Eqecat has estimated could cost the insurance industry up to $25bn.