11 Mar '11, 7pm

Re-insurers take another hit from quake in Japan

FRANKFURT : Stocks in European re-insurance companies plunged Friday as the massive earthquake in Japan slammed the sector less than three weeks after it was rocked by the deadly quake in New Zealand. Re-insurance companies, which back up insurers and are among those hit early by catastrophes, stressed it was too soon to estimate the final cost, but "it will be an expensive event," said Christian Muschick at the private German bank Silvia Quandt. The cost in human life has already reached 90, public broadcaster NHK said, after the massive 8.9-magnitude earthquake, the biggest ever recorded in Japan, was followed by huge aftershocks and tsunamis along the nation's Pacific coast. A tsunami warning was issued for the entire Pacific Ocean, including Alaska, Australia, Antarctica, Hawaii and South America. In Paris, a sector analyst who asked to remain anonymous told AFP: "Afte...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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