Swiss Re puts Chile quake insurance cost at $4-7BN_6603

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Zurich-based Swiss Re said it alone expects to make a pretax payout of $500 million for losses arising from the Feb. 27 quake.,You are not allowed to view links. Register or Login
Munich Re estimated the total insured losses from the storm at between euro1.5 billion and euro2.5 billion ($2 billion and $3.4 billion),You are not allowed to view links. Register or Login, and its own likely payout at up to euro100 million ($136 million).
Swiss Re said it is common practice for property owners in Chile to buy earthquake insurance,You are not allowed to view links. Register or Login, meaning the temblor would result in significant claims for property damage and disruption of business.
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Munich Re expects to face claims of about euro400 million ($540 million) from the quake. It said it has sent several experts to Chile "to ensure swift and effective claims settlement."
Swiss Reinsurance Co. said Wednesday that the strong earthquake in Chile last month will cost the insurance industry $4-7 billion, an estimate shared by its Germany-based rival Munich Re AG.
The 8.8-magnitude earthquake and a subsequent tsunami killed more than 450 people and damaged hundreds of thousands of buildings.
Swiss Re also said it expects to pay out $100 million for damage related to the winter storm Xynthia that swept across Western Europe on Feb. 26-28,You are not allowed to view links. Register or Login, causing severe damage in Spain and France.
The quake would likely affect the price of its insurance cover,You are not allowed to view links. Register or Login, Munich Re board member Torsten Jeworrek said in a statement.
Swiss Re puts Chile quake insurance cost at $4-7BN
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