Swiss Re ups forecast for Chile earthquake losses

Swiss Re has said it faces bigger-than-expected losses on claims from the Chile earthquake, putting pressure on profits.

The world's second-biggest reinsurer upped its forecast for losses from the quake to $630m (£428m) before tax from $500m.

Swiss Re also took losses of $220m in the first quarter from storms in Europe, which hit France particularly badly, and floods in Australia. It considers $1bn in claims as normal for the full year.

Rival Munich Re on Tuesday also upped its loss estimates from the 8.8-magnitude quake to $1bn from $700m. The tremor on February 27 killed nearly 350 people and was the fifth-strongest since records began in 1900.