NU Online News Service, May 19, 1:30 p.m. EDT

Swiss Re has revised its Chile earthquake loss estimate to $630 million, a $130 million increase over its $500 million March 2010 estimate.

"The new estimate reflects more specific information from clients on actual damage to individual properties and businesses," the The Zurich, Switzerland-based reinsurer said.

On Tuesday, Munich Re said its Chile earthquake losses will be around $1 billion, a $300 million increase over its April $700 million estimate. Munich Re also said Tuesday it believes the market loss for the event will be around $8 billion for the earthquake.

Last month, in reporting its first quarter results, Swiss Re said it expects losses of $200 million from the Deepwater Horizon oil rig and $100 million from European Windstorm Xynthia.

In a statement to investors today, Swiss Re also said it expects the reinsurance industry to see moderate but stable growth over the next decade, with the non-life industry growing by 6.5 percent annually.

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Swiss Re Increases Chile Earthquake Loss Estimate

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