Chile's earthquake 'may cost insurers up to $7bn'

The company, the world's second-largest reinsurer, said the impact on the sector would between $4bn and $7bn.Swiss Re said its own losses from last month's 8.8 magnitude earthquake would total about $500m.

Chile's outgoing government has said it will take the country up to four years to recover, but economists say Chile is well placed to do this. Another reinsurance company, Germany's Munich Re, has also said how much it estimates it will have to pay out as a result of the Chilean earthquake - $543m.Munich Re said it still expected to report a profit of more than 2bn euros ($2.7bn; £1.8bn) this year.