Insurers predict losses from NZ quake

Insurers Catlin and XL Group have announced loss estimates from the magnitude 6.3 earthquake that struck Christchurch, New Zealand, on 22 February this year.

Catlin is expecting a hit of US$125m, while XL is predicting a loss range of between US$70m and US$85m. Both estimates are net of reinsurance and reinstatements.

Both companies said that these are preliminary loss estimates and so subject to change.

XL said its losses stem mostly from its reinsurance division, and correspond to an industry-wide insured loss estimate of between US$8bn and US$12bn.