Swiss Re announced today it will not meet earnings estimates in the face of its projections that the insurance industry's total insured loss from Hurricane Katrina will be about $40 billion and its own claims will hit $1.2 billion.
As a result the company will have to raise its prices, announced Swiss Re Chief Executive Officer John Coomber.
The Zurich-based reinsurer had previously projected an estimated market loss of $20 billion with Swiss Re's Katrina claims at $500 million.
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