Net losses could rise to £15m, predicts Lloyd's insurer

Lloyd's insurer Novae Group has estimated initial net losses from the Chilean earthquake and Windstorm Xynthia between $10m and $15m.

In a statement, Novae said: "Based on a market loss of between US$8bn and US$10bn, net losses from the Chilean earthquake are estimated to be between US$10 million and US$15 million. The Group does not expect material losses from Windstorm Xynthia."

Novae will publish its interim management statement for the first quarter on 29 April, 2010.

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