Chile : Swiss Re estimates that earthquake may cost up to 7 billion dollars to insurers
Reinsurance giant Swiss Re on Wednesday estimated that insurers will have to pay up to 7.0 billion dollars (5.16 billion euros) for damages arising from the deadly earthquake in Chile. “This latest earthquake will lead to significant insurance claims for property damage and business interruption which are designed to facilitate a swift economic recovery,” said the Zurich-based reinsurer, noting that most Chileans take out insurance policies for their properties. “Swiss Re’s preliminary estimates suggest the total insured... Lire la suite
Munich Re says recent disasters won’t blow it off course
Germany’s Munich Re, the world’s biggest reinsurer, said on Wednesday it was confident of a strong 2010 despite claims from the Chilean earthquake and recent storms in Europe. “We are again aiming for a consolidated result of over two billion euros (2.7 billion dollars)” in 2010, chief executive Nikolaus von Bomhard said in a statement. The group estimated total insurance claims from the 8.8-magnitude quake that hit Chile on February 27, killing close to 500 people, at four to seven billion dollars, with claims against Munich Re... Lire la suite
US insurance giant AIG has agreed to sell its Asian arm, AIA, to British insurer Prudential for around 35 billion dollars
US insurance giant AIG has agreed to sell its Asian arm, AIA, to British insurer Prudential for around 35 billion dollars (26 billion euros, 23 billion pounds), a source close to the deal said. American International Group (AIG), which received a huge taxpayer bailout to stave off collapse during the financial crisis, had been persuaded to let Prudential take over its Asian businesses, said the source late Sunday. The deal will transform Prudential into the world’s top non-Chinese insurer by market capitalisation, ahead of major competitors... Lire la suite
AXA insurance reports fourfold profit leap
French insurance group AXA reported on Thursday a fourfold profit leap least year to 3.6 billion euros, beating analysts’ forecasts, and saying it would focus on raising profitability this year. The main difference from the results for 2008, when most financial groups were hit by the global financial crisis, was a turnaround totalling 2.6 billion euros in non-operational book-keeping items related to a recovery in the value of assets. Net profit for last year totalled 3.6 billion euros (4.9 billion dollars) compared with estimates by analysts... Lire la suite
Swiss Re edges back to profit-making
One of the world’s biggest reinsurers, Swiss Re, on Thursday reported a 506-million-Swiss-franc annual net profit in 2009, edging away from a record loss suffered a year earlier in the financial crisis. The net profit, equivalent to 472 million dollars or 345 million euros, was well within the range of analysts’ expectations. “Today, I am proud to say: we have come a long way,” said chief executive Stefan Lippe in a statement. Lippe said the company had restored its capital base, which was severely eroded during the crisis,... Lire la suite
