PartnerRe Chile costs $320m

Bermuda reinsurer PartnerRe estimates its expected claims from the recent earthquake in Chile to be $220-$320m out of a total industry loss of $6-$10bn and for European Windstorm Xynthia to cost it $40-$70m out of a total industry cost of $2-$4bn.

The earthquake losses will be primarily within the Global Property & Casualty, Catastrophe and Paris Re sub-segments, it said.

“PartnerRe's loss estimate is net of reinstatement premium and retrocession. It is based on a top down analysis as well as on model output, the assessment of individual treaties and client data, and is consistent with the Company's market position in the region,” the company said.

No data yet

“This estimate is preliminary, as there is limited actual loss data. As additional information is received particularly relating to potential structural damage in the capital of Santiago, we will update this estimate.”

PartnerRe said European Windstorm Xynthia claims are expected to be contained primarily within the Catastrophe and Paris Re sub-segments. The estimate is net of reinstatement premium and retrocession.