Big quake cost estimate weighs on insurers

 Monday, March 14, 2011

 Business Insurance

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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