Second-quarter 2013 catastrophe losses for Zurich and XL Group total more than $400 million, with the former shouldering the larger share. Zurich says its losses amount to $278 million, including floods in Europe and severe storm damage in the U.S.
The Switzerland-based insurer says floods in Central and Eastern Europe amounted to approximately $140 million in losses. The European flooding was the worst in the region in more than a decade, causing extensive damage along the Danube and Elbe main watersheds in May and June.
In the U.S., two severe tornadoes that hit the Oklahoma City Metropolitan area in May will cost approximately $138 million. The losses will be borne by both its Zurich North America and Farmers Re groups.
Zurich's estimates are net of reinsurance and before tax.
Dublin, Ireland-based insurer XL Group says its second-quarter cat losses could amount to approximately $135 million. Losses contributing to this estimate include flooding in Europe, Argentina and Canada, and tornadoes and hailstorms in the U.S.
The largest of these events, European flooding, accounts for approximately half of the estimate.
XL cautions that the estimated loss figure is preliminary and involves the exercise of considerable judgment. The carrier adds that there is “considerable uncertainty” associated with the numbers and it is subject to revision as more data is gathered.
Additionally, XL says its reinsurance segment will share 45 percent of the loss.
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.
