NU Online News Service, April 23, 11:29 a.m.EDT

Zurich Financial Services Group in Zurich, Switzerland, saidbased on preliminary estimates its loss from the Chile earthquakewill be $200 million.

The figure is net of reinsurance recoverables and includesreinsurance reinstatement premiums. Charges will be recorded infirst-quarter results due to be released May 6.

Zurich said the loss amount represents its current best estimateof the ultimate cost for the Feb. 27 event, but the nature of manyof the losses and the extended remediation period to completerepairs means that uncertainty as to the final cost remains.

The company said that within 24 hours of the quake its dedicatedresponse team was on the ground operating catastrophe claimshandling, and the firm was among the first companies to makeinitial claims payments.

Zurich noted that the Chilean Insurance Association, Asociaci?nde Aseguradores de Chile, announced that the insurance industry hadreleased $18.5 million in claims payments by March 24. The paymentsmade by Zurich in this period would therefore correspond to over 90percent of the reported industrywide early claims payments.