Subscribe to our free daily newsletters
. Earth Science News .

Subscribe to our free daily newsletters

Christchurch quake will cost Munich Re one billion dollars

by Staff Writers
Frankfurt (AFP) March 10, 2011
The world's biggest re-insurance company, Munich Re, said Thursday that the Christchurch earthquake in New Zealand will cost it about one billion Australian dollars (726 million euros, $1.0 billion).

The February 22 quake caused substantial damage and disruption to New Zealand's second largest city and is believed to have killed more than 200 people.

Munich Re's estimation "is subject to uncertainty," it said in a statement.

When the cost of floods in Brisbane, Australia and damage done by cyclone Yasi in northwest Australia were included, the bill comes to around 1.5 billion Australian dollars, the insurance group said.

Munich Re retained its net profit target of around 2.4 billion euros for this year but warned that "it will only be able to achieve this target if random major losses remain below the average level to be expected in the further course of the year."

A comparable net profit was expected in 2012.

Last year, the re-insurance giant also posted a net profit of 2.4 billion euros, including 467 million euros earned in the last quarter.

Gross premiums gained almost 10 percent to 45.5 billion euros and the group forecast a further increase to 46-48 billion euros this year.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Bleak future for Christchurch as population flees
Christchurch, New Zealand (AFP) March 6, 2011
After a deadly earthquake left homes creaking and wiped out buildings and jobs, thousands of residents have turned their back on Christchurch, raising questions over the city's future. City officials estimate one-sixth of Christchurch's 390,000 population - some 65,000 people - have fled New Zealand's second city, terrified by incessant aftershocks or because their workplace has been affec ... read more

Christchurch quake will cost Munich Re one billion dollars

Haiti carnival turns dark as it returns after quake

Carnival seeks to rid Haiti of its ills

Bleak future for Christchurch as population flees

Australian firm to open Malaysian rare earths plant

Rare earths to be refined in Malaysia

YouTube growth sparks hiring binge

Nokia Siemens delays Motorola purchase indefinitely

EU, Iceland hold talks in new bid to end 'mackerel war'

Rainwater Harvesting

New UF Study Shows Some Sharks Follow Mental Map To Navigate Seas

Argentine fisheries yields down a third

Pace of polar ice melt 'accelerating rapidly': study

Soot Packs A Punch On Tibetan Plateau's Climate

Some Antarctic Ice Is Forming From Bottom

Shrinking Tundra, Advancing Forests: How The Arctic Will Look By Century's End

UN alarmed at huge decline in bee numbers

Philippines to fight invading species

Mexico approves GM maize pilot project

Study Shows No-Till's Benefits For Pacific Northwest Wheat Growers

Floods swamp cyclone-hit areas of Australia

25 dead, 250 injured in China quake

Major 7.3 offshore quake jolts Japan

24 dead in Mozambique flood season

Over 500 flee restive Casamance flee to Gambia: UN

First protests in Guinea since Conde takes power

China lends Angola $15 bn but creates few jobs

Mozambique police deny Swazi arms shipment report

Brain's short-term memory 'layers' studied

You Are What Your Mother Ate

Southern Africa may be home of modern man

'Overweight' Chinese show lowest death risk: study

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement