What’s New: In Brief (March 10, 2010)

Swiss Re estimates total insured losses for the insurance sector arising from the earthquake in Chile will be between $4 billion and $7 billion.The reinsurer anticipates its loss arising from the quake will be $500 million before tax. The magnitude 8.8 earthquake caused several fatalities and triggered severe property damage along a 600-km coastal stretch. Since it is common practice for residential, commercial and industrial property owners to buy earthquake insurance in the country, the event will lead to significant insurance claims, Swiss Re said.

Munich Re reported a 2009 profit of approximately 2.5-billion euros (Cdn$3.5 billion), marking an increase from 2008’s profit of 1.5-billion euros (Cdn$2.1 billion).The company’s reinsurance business increased 6.5%, to a profit of 2.6-billion euros (Cdn$3.6 billion) from 2.4-billion euros (Cdn$ 3.4 billion) in 2008.The combined ratio for Munich Re’s reinsurance business improved from 99.4% in 2008 to 95.3% last year.