Chile\'s earthquake cost

The world\'s second-largest re-insurer, Swiss Re says the earthquake in Chile may cost the global insurance industry as much as $7 billion.



According to Swiss Re, the impact on the sector would fall between $4 and $7 billion.



The company says its own losses from last month\'s 8.8 magnitude earthquake would total about $500 million.



Another reinsurance company, Germany\'s Munich Re, has said it will have to pay out $543 million as a result of the Chilean earthquake.



Chile\'s outgoing government has said it will take up to four years to recover, and economists say Chile is well placed to do this.