NU Online News Service, May 19, 1:30 p.m. EDT
Swiss Re has revised its Chile earthquake loss estimate to $630 million, a $130 million increase over its $500 million March 2010 estimate.
"The new estimate reflects more specific information from clients on actual damage to individual properties and businesses," the The Zurich, Switzerland-based reinsurer said.
On Tuesday, Munich Re said its Chile earthquake losses will be around $1 billion, a $300 million increase over its April $700 million estimate. Munich Re also said Tuesday it believes the market loss for the event will be around $8 billion for the earthquake.
Last month, in reporting its first quarter results, Swiss Re said it expects losses of $200 million from the Deepwater Horizon oil rig and $100 million from European Windstorm Xynthia.
In a statement to investors today, Swiss Re also said it expects the reinsurance industry to see moderate but stable growth over the next decade, with the non-life industry growing by 6.5 percent annually.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
