Lloyd's insurer has $500m catastrophe aggregate deductible in place
Catlin estimates that its losses related to the Japanese earthquake and tsunami will be $200 million, net of reinsurance and reinstatements.
This estimate is based on total insured losses of between US$20 billion and US$30 billion.
Catlin said it had a $500m catastrophe aggregate deductible in respect of gross catastrophe claim and a significant reinsurance protection in place above this deductible.
It added that substantial portion of the losses from another major catastrophic event during 2011 would be recoverable from the reinsurance programme.
A stock exchange statement said: “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.
“Catlin had previously estimated that its losses from other first-quarter catastrophes - the January flooding in Brisbane and other areas of Australia and the February earthquake in Christchurch, New Zealand - would amount to US$175 million, net of reinsurance and reinstatements. There has been no material change in the loss estimates arising from either of these events.”