The Costliest Insured Event In Latin American History
May 18, 2010, 4:18 PM EDT
Law360, New York (May 18, 2010, 4:18 PM EDT) -- Even if insured losses fall somewhere in the middle of the current $2-$12 billion range of estimates, the Chile earthquake will easily outpace Hurricane Wilma as the most expensive insured event in Latin America’s history. These figures are more likely to rise than fall as a clearer picture of business interruption losses emerges. Of further concern to the international reinsurance market, such losses will not be limited to the local market.
To the contrary, most of the earthquake cover in Chile was reinsured with international reinsurers...