But no one insurer will be badly hit as little insurance cover
German reinsurer Hannover Re estimates a €20m payout for the Haiti quake, though it didn't immediately give the nature of its loss, Dow Jones reports.
Robert Hartwig, president of the US Insurance Information Institute, said: "Insured losses will be minimal, despite the severity of the event. The reason is that Haiti is one of the poorest countries in the world, with very little private insurance."
Most private insurers will pay little in claims, because the private insurance market is almost non-existent in developing countries such as Haiti.
No major losses
Tom Larson, senior vice president of catastrophe risk modeler Eqecat said that he does not expect insured Haiti losses to create a major loss for any one international insurer.
"For this type of event, no one insurer has any kind of large exposure," Larson said. "One insurer might have lost everything they have insured in Haiti in this one event, but we don't expect it to be a major event to any one of them."
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