Insight and Intelligence on the Global Facultative Markets

5 February 2012

Chile losses exceed $6.5bn... and still rising

14 June 2010

Industry declared losses from the Chile earthquake have now reached $6.5bn after Swiss Re became the latest (re)insurer to increase its estimate with a new figure of $630mn.

Significantly, Swiss Re warned that the $130mn increase from its former $500mn estimate could deteriorate further.

Munich Re has also increased its Chile loss estimate after retrocession and before tax from $700mn to $1bn, on a market loss estimate that has climbed to $8bn from $4bn-$7bn.

Given the scale of the losses,...

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