Bankrupt Banker: Shares in the UK's largest insurers fell heavily

Shares in the UK's largest insurers fell heavily

Shares in the UK's largest insurers fell heavily as fears mounted their 2011 profits will damaged by catastrophe claims, with companies still absorbing losses from February's earthquake in New Zealand. In the UK, most of the claims will be felt in the Lloyd's of London market, which has expanded its presence in Japan in recent years. In a statement, Lloyd's said it was "far too early" to estimate losses. Analysts at Collins Stewart said Catlin is likely to be highly exposed to the disaster. Others companies facing losses include Amlin, Beazley and Hiscox. Joy Ferneyhough, an analyst at Espirito Santo, described the earthquake as a "one in 30-year event". However, Barrie Cornes, at Panmure Gordon, added that a lot of the costs would be absorbed by the world's largest reinsurers such as Munich Re and Swiss Re. Risk Management Solutions, which produces risk models for insurance companies, said: "It is estimated more than 50pc of households have building insurance and 40pc of vehicle owners hold motor damage policies.

Shares in the UK's largest insurers fell heavily

Shares in the UK's largest insurers fell heavily as fears mounted their 2011 profits will damaged by catastrophe claims, with companies ...