Bermuda-based Flagstone Re said its preliminary estimate of claims relating to Chile's 8.8 magnitude earthquake is US$50mn net of reinstatement premiums and retrocession.

Chile's economy will grow 4.5-5% this year despite the impact from the 8.8 magnitude earthquake that struck the country on February 27, said economy minister Juan Andrés Fontaine

Chilean insurers are well prepared to face the aftermath of the of the 8.8-magnitude earthquake - the fifth-strongest ever recorded - that occurred in Chile on February 27, given both the relative strength of the country''s earthquake-resistant construction codes and significant insurance catastrophe-loss mitigation tools, said US-based ratings agency Moody's.

The earthquake that hit Chile on February 27 will cost the country's SMEs at least US$5bn in losses, according to SME trade group Conapyme.

Remittances giant Western Union announced it will offer a free money transfer service called "No Transfer Fee" from the US to Chile until March 19.

Chile's insurance association AACH has raised its forecast for the insured losses caused by a devastating 8.8 earthquake that hit Chile on February 27 to US$4bn from its initial US$2.5bn-2.6bn, local daily El Mercurio quoted AACH chairma

Chilean state bank BancoEstado said it has granted mortgage loan clients who suffered from Saturday's earthquake a period of 90 days to file their insurance claims.

The country's second largest bank, Banco de Chile, informed clients that its web site is now operating normally again. The site had suffered major problems since Saturday's earthquake.

Santander Chile has a US$2.8bn loan exposure to the regions most affected by Saturday's earthquake and Deutsche Bank said that for each 5% of those loans that become non-performing, the bank's 2010 net income could drop by 5-6%.

The magnitude 8.8 earthquake that struck Chile on Saturday (Feb 27) is a manageable event for the global reinsurance industry as it is well within the size of events that reinsurers expect to see several times p