Chile quake to cost Swiss Re more than thought

The earthquake which took place in Chile in February will cost Zurich reinsurer Swiss Re a quarter more than estimated.

This content was published on June 11, 2010 minutes

The world’s second largest reinsurance group has reassessed the cost to $630 million (SFr720 million) against $500 million forecast at the beginning of May.

Swiss Re said the new appraisal is based on clients’ damage declarations, and added the final cost remained subject to change.

The quake that shook Chile on February 27 killed nearly 350 people and was the fifth-strongest since worldwide records began in 1900.

In a news release on Friday, Swiss Re said the growth outlook for the reinsurance industry in the next decade was moderate but stable.

Swiss Re estimates the non-life industry (6.5 per cent) will grow more than the life and health industry (3.7 per cent) over the next decade. and agencies

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