According to the German reinsurer Hannover Re, an estimatation of a €20m payout has been figured out for the Haiti earthquake.
Robert Hartwig, president of the US Insurance Information Institute, said: “Insured losses will be minimal, despite the severity of the event. The reason is that Haiti is one of the poorest countries in the world, with very little private insurance.”
As the private insurance market is almost non-existent in developing countries such as Haiti, most insurers will have to pay small amounts in claims
Tom Larson, senior vice president of catastrophe risk modeler Eqecat said that he does not expect insured Haiti losses to create a major loss for any one international insurer.
“For this type of event, no one insurer has any kind of large exposure,” Larson said. “One insurer might have lost everything they have insured in Haiti in this one event, but we don’t expect it to be a major event to any one of them.”
