6 May 2011

Quake insurance implications

7:16 am on 6 May 2011

The financial implications of the earthquakes in New Zealand and Japan on the insurance sector are becoming clearer.

Europe's fourth largest insurer, Zurich Financial Services, has been hit with a 32 percent drop in first quarter profits.

Quarterly profits have fallen at Great-West Lifeco in Canada and Swiss Re, a reinsurer, lost $665 million in the same period.

Swiss Re is warning that natural catastrophe claims could be the highest ever in 2011.