Swiss insurer Allied World Assurance Co. Holdings AG, with operations in Farmington, says it projects net losses of $75 million from the devastating March 11 Tohoku earthquake and tsunami in Japan.
The 9.0 magnitude quake off the east coast of Japan is one of the largest earthquakes ever recorded. It triggered a massive tsunami that resulted in the loss of more than 10,000 lives and billions in property damage.
Perhaps worst, three damaged nuclear reactors are leaking radiation that threatens human, plant and animal life on a horrific scale.
In a statement from headquarters in Zug, Switzerland, Allied World CEO Scott Carmilani expressed sympathies for the Asia Pacific region but noted the company can absorb the damage losses.
That’s on top of the $30 million to $40 million loss Allied estimated it suffered from the Feb. 22 earthquake that struck New Zealand.
“… Allied World expects to have losses from these events but our loss estimates are within our risk tolerances, and we retain a very strong capital base,” he said.
