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Member, Beacon International Group, Ltd.
Fitch Ratings Ltd. has said that the recent floods that hit Chile would not have a huge effect on the country's property/casualty insurers, BNamericas reported.
Fitch said that large insurance claims would come from housing, vehicles, public and commercial buildings, and industrial infrastructure. Fitch added that the low level of insurance penetration in the country's rural areas, insurers' strong underwriting policies and extensive reinsurance coverage would limit the effect of floods on solvency and earnings of Chile's insurance sector.