NU Online News Service, June 8, 11:35 p.m. EDT
Munich Re estimates that its losses from the Feb. 27 earthquake in Chile will cost $1 billion, and with other natural catastrophe losses continuing to mount, the company said there is a need for price increases.
The Munich, Germany-based company said the earthquake in Chile caused exceptionally heavy losses and also triggered a devastating tsunami. The company said providing a reliable forecast of the overall burden has been difficult up to now due to the low primary insurer retentions, high proportion of individually (facultative) reinsured production facilities and buildings, and ongoing business interruption losses.
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