Munich Re Chile loss climbs to $1bn
Munich Re has increased its loss estimate for the Chile earthquake to $1bn from $700mn, based on a market loss estimate that has climbed to $8bn from $4-$7bn.
The loss estimate is after retrocession and before tax.
The reinsurer said that given the scale of the losses, it anticipates price increases in the Latin America region and in affected business segments.
Torsten Jeworrek, Munich Re's reinsurance CEO, said that "events like Chile's devastating earthquake reinforce our case for insisting that...
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