Chile’s largest insurer, Seguros Chile, the local subsidiary of Britain’s Royal Sun Alliance, has estimated that the total property damage from the recent earthquake covered under its policies will total US 45 million (33 million Euros, 30 million British Pounds).  The company further stated that these losses should not materially affect its results in the coming year.  It is not clear whether the estimate includes economic losses (business interruption, etc.) potentially covered under commercial property policies.

In other local news, Banco Santander announced efforts to assist its clients affected by the earthquake, including postponement of this month’s credit card payment obligations and special financing for clients requiring recovery funds.  Santander has also designated a dedicated phone line for client questions.

If you would be interested in learning more about the Chilean (re)insurance markets and/or regulatory environments, or the evolving situation in Chile following the earthquake, please click the “Email the Editor” button and provide your contact information for follow-up by an EAPD attorney.