NU Online News Service, March. 9, 3:06 p.m. EST
Based on property and casualty companies' pre-announcements and other data, losses from the Feb. 22 New Zealand earthquake damages could be as much as three-times worse than the September quake in the same region, Morgan Stanley said.
In an industry view on P&C insurance, Morgan Stanley said it is revising downward its expected 2011 first-quarter earnings per share for the eight global reinsurers it follows based on the quake loss estimates. Morgan Stanley said this is the third time in seven weeks it has lowered first-quarter estimates.
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