Novae Group Sees Japan Costs at As Much As $40 Million

Novae Group Plc (NVA), a Lloyd’s of London insurer, said it expects the net cost of the Japanese earthquake and tsunami to be about $25 million to $40 million.

The net cost of losses from the floods in Australia in January and Cyclone Yasi in February will be about about $10 million, while the New Zealand earthquake could cost it as much as $30 million, Novae said in a statement today.

Lloyd’s insurers have been hurt by the 9.0 magnitude quake which struck northeast Japan on March 11. Separate earthquakes in New Zealand, Chile as well as the flooding in Australia also dented insurers’ catastrophe reserves.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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