Swiss Re shares drop amid Japan quake

11th March 2011, Comments 0 comments

Shares in Swiss Re, one of the world's biggest reinsurers, fell 4.6 percent in early trading on Friday after Japan was struck by its biggest earthquake on record and a giant tsunami.

"It is too soon to have financial consequences (estimates)," Swiss Re spokesman Tom Armitage told AFP.

Total Swiss Re gross written premiums and fees in Japan amount to $688 million, including $469 million in non-life insurance, according to data provided by the reinsurer.

The reinsurer's shares plunged by over 8.5 percent at market open, before recovering to $51.15, a drop of 4.6 percent at mid-morning. It remained however the worst performer on the Swiss Market Index, which was down 0.52 percent.

© 2011 AFP

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