Chile earthquakes costs estimated between $55m and $75m

Beazley has said its estimated net losses arising from the Chile earthquake is in the range of $55m to $75m, based on a market loss of between $5bn and $8bn.

The group's main exposures are in property reinsurance and commercial property insurance.

Beazley said: “Should the actual losses increase, the group has reinsurance in place that would cover approximately half of any deterioration. In addition, further reinsurance cover exists for any future catastrophes in 2010.”

Beazley does not expect European Windstorm Xynthia to have a material impact on the group's results.