Amlin weathers £275m disasters and can ride out the hurricane
AMLIN, the biggest Lloyd’s of London insurer, yesterday warned losses from the Japanese earthquake and tsunami could reach £150million.
The claims could take the firm’s total hit from natural disasters to as much as £275million for the first quarter alone.
Amlin also expects to pay out £110million on the New Zealand quake and £15million on the floods in Australia earlier this year.
The firm put a provisional estimate of between £80million to £150million on the Japanese quake losses, based on a total industry loss estimated at between $12billion and $25billion (£15.4billion).
However, the figure was lower than analysts expected and they believe Amlin is still strong enough to withstand even a severe hurricane season later this year. The shares rose 3p to 389¾p. Amlin also hopes it can increase rates to customers when policies come up for renewal later this year.