Bloomberg News

Scor Sees ‘Marginal’ Costs on Italian Quakes, CEO Kessler Says

June 08, 2012

Scor SE (SCR), France’s largest reinsurer, will be “only marginally affected” by two earthquakes that hit Italy last month, Chief Executive Officer Denis Kessler said.

“This event, in terms of intensity and destruction force, is much lower than L’Aquila’s in 2009,” Kessler said in a telephone interview. Scor, based in Paris, had losses of less than 10 million euros ($12.5 million) from the earthquake that struck the area of L’Aquila in central Italy.

The earthquakes that hit parts of northern Italy in May caused more than 4 billion euros in economic damage, Gaetano Maccaferri, employer lobby Confindustria’s president for the Emilia Romagna region, said this week. About 600 industrial companies employing more than 12,000 workers were “directly” damaged by the quakes, Maccaferri said.

“You must expect insurance losses, even if we don’t believe that the cost for the market will be very significant,” Kessler said. “Unfortunately, very few households in Italy are insured against natural disasters. Companies are more often insured.”

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net


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