Swiss Re, the world’s second largest reinsurer, said on Wednesday it expected to take losses of about 500 million dollars from last month’s earthquake in Chile.
Similarly, this month’s European winter storm Xynthia, would cost the company some 100 million dollars, Swiss Re said in a statement, noting that further reassessments would be made down the line.
According to the re-insurer, owners of many types of properties across Chile had taken out insurance on earthquakes.
Similarly, coverage against wind and flood damage is “standard practice” in the European countries affected by Xynthia, Swiss Re said.
The total insured losses for the insurance sector for the 8.8— magnitude earthquake which struck Chile on February 27 are estimated by Swiss Re to be in the range of 4 billion to 7 billion dollars.