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December 29, 2004 at 07:00 PM
No one really knows how much the recent Southeast Asian earthquake and tsunamis will cost life insurers and life reinsurers, according to analysts at Fitch Ratings, Chicago.
An earthquake off the coast of Sumatra with a magnitude of 9.0 caused tsunamis that have killed more than 114,000 people in India, Indonesia, Sri Lanka and other countries.
The experts are just starting to assess the effect of the tragic disasters on claim costs.
“At present, there are no reliable estimates of the insured losses resulting from this earthquake,” Fitch analysts write in a comment on the disasters. “To date, none of the major catastrophe modeling firms has issued any insured loss estimates.”
