**The earthquake in Chile may cost the global insurance industry as much as $7bn (£4.7bn), Swiss Re has estimated.**The company, the world’s second-largest reinsurer, said the impact on the sector would between $4bn and $7bn.
Swiss Re said its own losses from last month’s 8.8 magnitude quake would total about $500m.
Chile’s president has said it will take his country up to four years to recover, but economists say Chile is well placed to do this.
The country is regarded as having one of the best-run economies in Latin America.
Led by its substantial copper production - which was relatively unaffected by the quake - economists predict the country’s economy will still grow by 5% this year.