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Insurers' Tsunami Losses Limited, Damage Estimated Delayed

After a severe earthquake struck the Indian Ocean on December 26 causing a Tsunami that ravaged at least 11 countries and killed over 40,000 people,...
December 29, 2004

After a severe earthquake struck the Indian Ocean on December 26 causing a Tsunami that ravaged at least 11 countries and killed over 40,000 people, insurers say the region's lack of experience with earthquake-generated waves coupled with the amount and breadth of destruction will delay precise damage estimates. However, some are saying that industry losses will be relatively low because the affected area is relatively poor and major economic centers in the region, such as Singapore, were spared. Most of the insured losses may involve damage to the tourism industry.

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