Insurer ZFS predicts $500 mn claims on Asia disasters

31st March 2011, Comments 0 comments

Swiss insurer Zurich Financial Services estimated Thursday that it would foot damage claims of about 500 million dollars for five disasters in Australia, Japan and New Zealand this year.

They include the Brisbane floods, storms in the Victoria and cyclone Yasi in Australia in January and February, the Christchurch earthquake in New Zealand late February and the earthquake and tsunami in Japan on March 11.

The provisional estimate, equivalent to 353 million euros before tax, is based on preliminary reviews, Zurich warned in a statement.

A full loss assessment will take time to complete due to the extreme nature of the losses and limited access to devastated areas, especially in Japan but also in New Zealand, it added.

"Our thoughts are with the victims and we hope reconstruction efforts continue to proceed quickly as the recovery from such devastation will take a long time," said Zurich Chief Executive Martin Senn.

© 2011 AFP

0 Comments To This Article