Swiss Re ups its Chile earthquake loss estimate

Swiss Re has increased its insured losses resulting from the Chile earthquake to $630 million.The reinsurer forecasted a loss of $500 million in March 2010.”The new estimate reflects more specific information from clients on actual damage to individual properties and businesses,” Swiss Re said in a release. “The final cost remains subject to change.” At its Investors’ Day conference on June 11, the reinsurer said its growth outlook for the reinsurance industry is “moderate but stable” in the next decade.The company estimates the non-life industry will grow on average by 6.5% annually, with consolidation within the industry continuing and capital remaining an industry issue.