BERLIN (AP) — German-based reinsurer Hannover Re AG says Japan's devastating earthquake and tsunami cost it €232 million ($344 million) — part of a heavy burden of losses from natural disasters that weighed down its earnings.
Hannover Re said Tuesday that major losses in the first quarter totaled €572 million — exceeding its planned full-year budget for such losses of €530 million. New Zealand's earthquake cost the company €152 million and flooding in Australia caused losses of €52 million.
Net earnings for the January-March period declined by two-thirds, dropping to €52.3 million from euro151 million a year earlier.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
