Even before another series of earthquakes struck Chile last week, global reinsurers were tallying their losses from the Feb. 27 event and providing independent estimates of its impact for the entire insurance industry.
On Thursday morning, a total of a least three quakes, including a magnitude 6.9 quake, shook the central part of the country, including Santiago, the U.S. Geological Survey reported. The institute initially announced a magnitude 7.2 quake, but later lowered that intensity rating.
Earlier in the week, Swiss Re and Munich Re each said industry losses from the Feb. 27 magnitude 8.8 quake could fall between $4 billion and $7 billion. Swiss Re said its own loss from the event could hit $500 million, while Munich Re estimated its loss at EUR400 million, or $545 million.
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