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Aspen News

Aspen provides initial estimate of Q2 2016 natural catastrophe losses

13th July

Aspen announced today an initial estimate of approximately $65 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2016. The estimated natural catastrophe losses are attributed approximately 75% to the Reinsurance segment and approximately 25% to the Insurance segment.

Within the estimate of Aspen's natural catastrophe losses, the largest events were the wildfires in Alberta, Canada (accounting for approximately 50% of the total initial pre-tax loss estimate), a number of weather-related events in the United States (approximately 36%), and several earthquakes, the largest of which was in Kumamoto, Japan (approximately 14%).

Aspen's initial estimate of natural catastrophe losses for the second quarter of 2016 is based, among other factors, on its review of the individual treaties and policies expected to be impacted, discussions with clients and brokers, and market information and exposure analysis. In making this estimate, Aspen has also taken into account a combination of provisional loss advices, limited client loss data and modeled loss projections. Due to the complexity of these events and the uncertainty associated with Aspen's assumptions and preliminary information, there is considerable uncertainty associated with this initial estimate and Aspen’s actual losses from these events may differ materially from this estimate.