LOS ANGELES (AP) — Shares in insurance and reinsurance companies were trading mostly lower on Tuesday, as investors absorbed the potential financial consequences on the sector from the deadly earthquake in Japan.
Expenses are expected to mount due to continuing aftershocks from the massive March 11 earthquake off the coast of northeastern Japan and shutdowns at electronics factories, car manufacturers and oil refineries. More than 10,000 people are believed to have been killed in the 9.0-magnitude quake and the ensuing tsunami.
Last week, catastrophe risk modeling firm AIR Worldwide estimated that insured property losses from the earthquake could range from $15 billion to $35 billion.
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