Omega increases NZ loss estimate by 170%
Lloyd's (re)insurer Omega Insurance Holdings has warned that it now expects its losses from September's Christchurch earthquake to swell by 170 percent to $18.9mn.
The announcement is the latest in a series of creeping revisions from reinsurers as they raise their loss estimates.
Following the stock exchange circular, Omega's share price fell by 4.5 percent in early trading to 95p.
Omega had originally estimated a loss of $6.2mn for the event and assumed that lost profit commissions would cost it...
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