Wednesday, February 23, 2011

New Zealand Imposes Curfew as damage may exceed $12 Billion

The quake may be the costliest natural disaster for insurers since 2008. Insured losses from the temblor may be $12 billion, Michael Huttner, an analyst at JPMorgan, said in a note to clients. That would be the most expensive calamity since the $19.9 billion loss from Hurricane Ike, which struck the U.S. in 2008, according to the Insurance Information Institute, a New York-based trade group.

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