Global Insurers May Pay $7 Billion for Chilean Quake

The global insurance industry may have to fork over as much as $7 billion following the aftermath of Chile’s earthquake.
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Global Insurers May Pay $7 Billion for Chilean Quake
Jacques Aigrain, CEO of Swiss Re, the world's largest reinsurance group (Fabrice Coffrini/AFP/Getty Images)
3/10/2010
Updated:
10/1/2015
<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/chile84756247.jpg" alt="Jacques Aigrain, CEO of Swiss Re, the world's largest reinsurance group (Fabrice Coffrini/AFP/Getty Images)" title="Jacques Aigrain, CEO of Swiss Re, the world's largest reinsurance group (Fabrice Coffrini/AFP/Getty Images)" width="320" class="size-medium wp-image-1822205"/></a>
Jacques Aigrain, CEO of Swiss Re, the world's largest reinsurance group (Fabrice Coffrini/AFP/Getty Images)

The global insurance industry may have to fork over as much as $7 billion following the aftermath of Chile’s magnitude 8.8 earthquake last month.

The world’s second largest insurer, Swiss Re, said they may lose as much as $500 million alone, according to a BBC report on Wednesday. The German insurer Munich Re may also experience a loss of as much as $543 million. Munich Re said they will still earn a profit of $2.7 billion this year.

Chile’s president-elect Sebastian Pinera said he will take charge of the recovery effort when he takes office. The South American country estimates that the disaster relief work will take four years to complete. Pinera plans to pass a disaster relief law which will make budget adjustments to accommodate relief work.