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(eca 069): Chilean earthquake hits Munich Re harder than expected
Jun 8, 2010, 11:23 GMT
Munich - Munich Re, the world's largest reinsurance company, has had to absorb a greater financial hit than initially expected following a February earthquake that struck Chile and killed around 500 people, managers announced Tuesday.
The Munich-based reinsurer said the catastrophe would cost them an estimated 1 billion dollars (840 million euros) before taxes, which is 300 million dollars higher than previous estimates.
The quake, which hit the south of the country, measured 8.8 on the Richter scale, making it one of the strongest ever recorded.
Nevertheless, Munich Re still anticipated profits of at least 2 billion euros for 2010. A company spokesman said this goal had merely become harder to achieve.
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