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Chile's largest insurer estimates earthquake claims to reach approx 30m

Chile's largest insurer, Royal & SunAlliance Seguros Chile, a subsidiary of the RSA Insurance Group (LSE: RSA), told investors that the weekend's earthquake, which measured 8.8 on the Richter scale, will cost the company an estimated 30m in claims.

Saturday's earthquake caused widespread damage throughout Chile. The company said that while the situation is still evolving, the current estimated cost is not expected to affect RSAs current guidance for 2010. The insurer noted that it expects to achieve a combined 2010 operating ratio of approximately 95%.

Yesterday, commodity markets were among the first to evaluate the aftermath of the natural disaster as analysts estimated that up to 5% of the world's copper production may have been interrupted by the quake. International mining group Anglo America (LSE: AAL) said production was affected at four of its six operational sites in Chile. The company said power was partially restored to the operations during Saturday night and, following detailed inspections, production began to ramp up on Sunday.

Disclosure: The author holds no positions