Insurers Sap Europe Shares After Tsunamis
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Weak insurance and leisure companies dragged European shares lower on Monday as investors feared large damage payouts and a loss of holiday bookings after Asia's tsunami disaster which killed more than 22,000 people.
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Thursday's European papers assess the response of governments and NGOs alike to the Asian tsunami disaster.
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Shares of insurers and manufacturers with damaged operations fell while construction firms rose.
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Anxious Europeans were flooding official hotlines in their home countries or calling embassies overseas in search of news of loved ones feared missing from the tidal wave disaster that swept Asia.
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Swiss Re has estimated its losses to the Indian Ocean tsunamis at less than 100 million Swiss francs, reinforcing observations that victims of the disaster had little insurance coverage.
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European insurers face new costs and travel firms could lose business after tsunami waves killed more than 21,500 in Asia this weekend, but the financial impact is expected to be limited compared with other disasters this year.
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This is hyperfinance. In the space of five frenetic days, stock markets have plunged and recovered; the US Federal Reserve has cut interest rates to 3.5 per cent; so-called "monoline" insurers, revealed as a small but vital valve in the financial machinery, have wobbled; and one J&eacute;r&ocirc;me Kerviel has lost EU5bn for a venerable French bank.
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Major reinsurers will face new costs after the catastrophe caused by the tsunamis in southern Asia, though experts say the financial impact is likely to less than that of other disasters this year.
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French and German stocks eased Monday with airline and insurer stocks under moderate pressure as the markets assess the toll of the tidal waves across Southeast Asia over the weekend.
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ZURICH: Shares in top travel and insurance companies based in Switzerland, including one of the world's largest reinsurers, Swiss Re, and the travel giant Kuoni, fell sharply yesterday in the wake of the ...
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NEW YORK (CBS.MW) -- Insurance stocks rose Tuesday on confidence that the deadly Indian Ocean tsunami and earthquake that wreaked havoc on nations in southern Asia over the weekend will not require significant payouts.
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Sweeping new European Union legislation is set to shake up the way insurers manage their capital - with implications for investors and customers alike.
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MUNICH Swiss Reinsurance, the world&#39;s second-largest reinsurer, said Monday that claims from the earthquake off the Indonesian island of Sumatra that caused tsunamis from Thailand to India would probably be lower than those tied to the hurricanes in the
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Losses for the global insurance industry from the devastating earthquake and tsunami waves in Southeast Asia are likely to be sharply below claims from the hurricanes in Florida earlier this year, as the ...
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European travel companies were searching for missing customers and cancelling departures to areas devastated by the Asian tsunami on Wednesday as some experts predicted
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PARIS, Oct 17  - European stock markets could be heading for a patch of rough water with the introduction of new accounting standards, analysts are warning, saying that stock prices could be bounced around and initial public offerings held back.
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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 was already the  most expensive year in history for insurers, the world's  largest reinsurer said.