New Zealand earthquake to cost Swiss Re $800m

Swiss Re said claims from the recent earthquake in New Zealand would cost it around 800 million Swiss francs (£530.5 million), according to Reuters.

This means 2011 could become a high claims year overall for the world's second-biggest reinsurer.

According to Swiss Re, total insurance industry claims from the quake will run to $6bn to $12bn, making it a significant global event for insurers.

The magnitude 6.3 earthquake which struck New Zealand's South Island on Feb 22nd caused fatalities and widespread damage, particularly in the city of Christchurch.