Swiss Re Issues Tsunamis Claim Estimate
NU Online News Service, Dec. 30, 3:47 p.m. EST?Swiss Re said it estimates its claims related to the recent calamity from the tsunamis in the Indian Ocean region to be below CHF 100 million (Swiss Franc or $88.01 million U.S.)[@@]
The Zurich, Switzerland-based insurer went on to say that the sheer size of the event and the absence of historical data available make it difficult to provide an exact estimation of the damage, particularly as information from the affected areas is still scarce. However, the claims cost for the insurance industry will be in sharp contrast to the human and economic losses triggered by this event as the insurance penetration in the coastal areas of the affected countries and the concentration of value is comparatively low.
Most of the insured losses, the company said, are likely to concern property damage and business interruption.
The Dec. 26 disaster occurred after an earthquake with a magnitude of 9.0 on the Richter scale, the strongest in 40 years, North of Indonesia, triggered tsunamis which caused widespread death and massive damage to coastal areas around the Indian Ocean. The countries the most affected are Indonesia, India, Sri Lanka, Thailand, Malaysia and the Maldives. Estimates now put the death toll at more than 114,000 and climbing.
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