£30m claims estimate in Chile quake
The Chilean earthquake will cost the country's biggest insurance firm around £30 million in claims, said the company's UK owner.
RSA Insurance, which is the biggest general insurer in Chile with a 20% market share, estimated the cost at £30 million, net of insurance.
RSA shares were unchanged and the claims bill would not be likely to affect its guidance for this year's performance. Last year's business showed a 27% fall in pre-tax profits to £554 million and the group was optimistic for 2010 despite "economic uncertainties".
The More Than insurer wrote £125 million in premiums through its wholly owned Seguros Chile subsidiary last year and has traded in the country since 1905.
At least 700 people died in last month's earthquake, which struck 70 miles from Chile's second largest city, Concepcion. Around 1.5 million Chileans were affected by the tremors, which caused buildings and roads to collapse and left 500,000 homes severely damaged.
RSA, which offers residential, motor and commercial insurance in Chile, does not have an office in Concepcion itself and said all of its staff were accounted for.