Shares in European insurers fell steeply on Monday after analysts estimated over the weekend that the Japanese earthquake could cost the industry nearly $35 billion, making it one of the most expensive disasters ever. The Stoxx 600 European Insurance Share Index was down 2% by 0900 GMT, underperforming the wider market, which was off 0.6%. Reinsurers Munich Reinsurance Co., Swiss Reinsurance Co. and Hannover Re Group fell furthest, posting declines of between 4.5% and 5.5%.
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