AIG, Berkshire Chile Quake Costs Push Disaster Tally to $6 Billion: Table

American International Group Inc. and Warren Buffett’s Berkshire Hathaway Inc. incurred more than $800 million in costs from 2010 disasters led by the Chilean earthquake, pushing the industrywide cost of the largest first- quarter catastrophes past $6 billion.

Berkshire said claims were about $500 million from the earthquake and storms in Europe, Australia and the U.S. AIG, the insurer rescued by the U.S., said May 7 that losses from the quake were $310 million. Munich Re and Swiss Reinsurance Co., the world’s largest reinsurers, top the list with at least $600 million in costs tied to the Chilean disaster and European Windstorm Xynthia.

The total cost of the earthquake, the world’s fifth- strongest in a century, may be almost $30 billion, President Sebastian Pinera told reporters in March. Insured losses may reach $8 billion, catastrophe modeler Eqecat Inc. said.

The table below, compiled from more than 25 company statements and regulatory filings, lists claims projections from insurers and reinsurers. Some companies included losses from other first-quarter catastrophes in their figures.

              EARTHQUAKE         XYNTHIA      COMBINED
COMPANY       CLAIMS ($m)       CLAIMS($m)   CLAIMS($m)
Munich Re        675               95            770
Swiss Re         500              100            600
Berkshire        222**             NA            500^
[bn:URL=https://www.allianz.com/static-resources/en/investor_relations/
reports_and_financial_data/annual_report/ar2009/ar2009_group.pdf] Allianz          230-256***       230-256        460-512
PartnerRe        NA                NA            334
AIG              310               NA            310
Hannover Re      253               55            308
Validus          277               11            288
Everest Re*      225               25            250
XL Capital       157               24            181
Scor             131               48            179
Hiscox            NA               NA            152
Amlin            142-165           NA            142-165
Axis Capital     100               47 ^          147
Catlin           140                5            145
White Mountains  110               10            120
Transatlantic    105               NA            105
Aspen*           100               2             102
Montpelier Re     94               3              97
Lancashire        95               NA             95
Chubb             70               NA             90 x
Travelers         NA               NA             86 ^^
Platinum          84               <5             84-89
Brit              71               NA             71
Endurance         NA               NA             65
Flagstone         55               NA             55
Arch Capital      35-50           <15 #           50- 65
Ace Ltd.          34               10             44
Chaucer           NA               NA             37
Argo Group        22               NA             22
Berkley            8               NA              8
Max Capital       NA               NA              5#

MAXIMUM COSTS: $4.31 billion      $711 million    $6 billion

Notes: Some company names have been abbreviated for space.
Some totals were converted from other currencies.
* After taxes.
**Includes $140 million from Reinsurance Group individual risk
and $82 million from other multiline. Berkshire also had $278
million in catastrophe costs at General Re from disasters
including the Chile earthquake.
***Provided in interview.
# Numbers represent maximum losses, and projections include
costs from Australian hailstorms.
x Includes all non-U.S. catastrophes in the first quarter.
^ Includes Australian and U.S. storms.
^^ Includes some international non-catastrophe weather losses.

To contact the reporter on this story: Sapna Maheshwari in New York at sapnam@bloomberg.net.

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