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Insurer takes big hit from Thailand, NZ

Insurer takes big hit from Thailand, NZ

Thailand’s floods and the earthquakes in New Zealand contributed to a fourth-quarter net loss of between US$200 million and US$250 million (B6-7.5 billion), giant Swiss insurer Zurich Financial Services (ZFS) said on February 2.

Thursday 9 February 2012, 12:30PM

A specific estimate is to be included in the annual results for 2011 due to be released next Thursday (February 16), the company said in a statement.

“Given the exceptional frequency and overall severity of catastrophes and significant weather-related loss events throughout 2011 – including the events mentioned above – cumulative losses have triggered the group’s global aggregate catastrophe reinsurance cover with additional recoveries of US$130 million, ZFS said.

In November the Swiss insurer posted a 64-per cent jump in third-quarter net profit to US$1.2 billion (B36 billion), despite what it described as “the worst catastrophe year” since 2005 when Hurricane Katrina devastated the east coast of the US.


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