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Insurers calculate Chile losses

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Insurers calculate Chile losses

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Last month’s huge earthquake in Chile might cost the insurance industry up to five billion euros in damage claims.

That is the estimate of the world’s top two reinsurers, Munich Re and its nearest rival Swiss Re. But they said it was unlikely that reinsurance prices would have to be raised.

Munich Re said it expects to earn a net profit of more than two billion euros this year despite loss claims from the Chile earthquake and European wind storm Xynthia.