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NU Online News Service, Sept. 9, 11:45 a.m. EDT

Reinsurers are taking the brunt of insured losses caused by the Chilean earthquake in February, as the country’s insurance market cedes about 90 percent of catastrophic risk to the global reinsurance industry, according to Standard & Poor’s.

The event has put “a significant dent” in the catastrophe budgets of many reinsurers. “In fact, in many cases, catastrophe losses have already exhausted more than half of reinsurers’ budgets, thereby reducing the built-in cushion for the remainder of the year,” S&P said in a report, “Reinsurers Foot the Bill For Chilean Earthquake Losses.”

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