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Tsunami Video

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Posted 31 December 2004 - 01:01 PM

Tsunami Video

http://jlgolson.blog...nami-video.html
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Posted 07 January 2005 - 12:46 AM

Insurers could face $5-10b tsunami bill
06 January 2005

LONDON: The tsunami catastrophe in south Asia could cost insurers between $5 billion and $10 billion, according to estimates from the International Underwriting Association (IUA).

"Those estimates are an impression that has been drawn from conversations that our chief executive has had with our member companies and other insurers," a spokesman for the IUA, which represents international and general insurers operating in Britain, said on Tuesday.

A spokesman for the Lloyd's insurance market (LOL.UL), the world's second-largest commercial insurer, said it was still too early to determine its exposure to the giant tsunami waves that killed around 150,000 people and devastated Indian Ocean coastlines last month.

"The insurers are having to contact their people on the ground and there is unlikely to be a figure this week," said the spokesman.

While the undersea earthquake on Dec. 26 triggered an unprecedented human disaster there is a growing perception the toll on insurers will be small as the worst-hit areas were coastal villages in Indonesia, India and Sri Lanka, where most residents could not afford insurance cover.

"European insurers' exposure will be small. Much of the insured losses will be met by local insurers but a figure of up to $10 billion sounds high," said one London-based analyst who declined to be named.

Munich Re, the world's largest reinsurer, has said the tsunami was likely to have wreaked economic damage of more than 10 billion euros, but insurers were likely to pick up only a small portion of that tab.
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Munich expected its damage claims to be less than 100 million euros while rival Swiss Re estimated its damages from the earthquake would be below 100 million Swiss francs.

http://www.stuff.co....16a6026,00.html
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