Swiss Re says insurance cost of tsunami low
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Damages from Sundayâs tsunami seem unlikely to wreak devastation on the insurance industry after Swiss Re, the worldâs second-largest reinsurer, said on Thursday that disaster would cost it less than SFr100m ($88m).
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INSURERS and travel firms across Europe took a knock yesterday after the devastation caused by the South Asian tsunami sparked fears of substantial financial costs.
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Kuoni Reisen Holding AG and Hotelplan AG, Switzerland&#39;s two largest tourist operators, are flying back guests from Asian resorts after the strongest earthquake in 40 years unleashed tidal waves throughout the area.
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Swiss Reinsurance Co., the world&#39;s second-largest reinsurer, expects its claims from the Asian tsunami disaster to total less than 100 million francs ($88 million).
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Allianz, the world's second largest insurer, says it will incur a loss of 22m euros from the Asian tsunami.
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Switzerland's insurance industry is bracing itself for multimillion-dollar claims as a result of hurricane damage in the United States.
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Advertisers are seeking ways to show that they care about the tsunami, but they are also striving to avoid the appearance of capitalizing on the disaster.
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A tsunami warning system could be built in the Indian Ocean in just a year and cost as little as &#36;20 million, a scientist said Tuesday.
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European shares tracked sideways near recent highs early on Thursday, but Swiss Re rallied after reassuring investors that its likely payout for Sunday's tsunami tragedy in Asia will be less than 100 million Swiss francs (&#36;88.3 million).
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Global warming will lead to heftier insurance claims in the long-term, insurer Swiss Re has warned.
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Switzerland is to give $2 million (SFr2.29 million) to help rebuild a village in Thailand which was devastated by last week's tidal waves.
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The tsunami catastrophe in south Asia is likely to have wreaked economic damage of more than 10 billion euros ($13.6 billion), compounding what
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The Swiss government has promised an additional SFr25 million ($22 million) in immediate aid to countries hit by the tidal waves in southeast Asia.
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Insurers seek to calm fears that they face huge losses after an earthquake and giant waves killed at least 23,000 people in southern Asia.
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Lloyd's of London, the world's largest insurance company, said Wednesday it expects to pay about 100 million pounds (&#36;188 million) in claims related to Asia's tsunami.
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European shares clung to 2-1/2 year  highs in lackluster trading on Thursday, while Swiss Re rallied  on news its likely pay-out in the wake of Asia's tsunami  tragedy will be less than 100 million Swiss francs ($88.3  million).
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India says the tsunami cost $1.6bn on its mainland alone as its confirmed death toll closes on 10,000.