Swiss Re says NZ quake claims will bust 2011 budget

Swiss Re (RUKN.VX) faces around $800 million of claims from the New Zealand earthquake, pushing it over its 2011 budget for natural catastrophes and eating into profits. Total insurance industry claims from the quake would run to $6-$12 billion, making it a significant global event for insurers, the world’s second-biggest reinsurer said on Wednesday. Early estimates had pointed to an insured loss of up to $8 billion.