I just read "Chile's earthquake 'may cost insurers up to $7bn" in the BBC News about how an insurance company, Swiss Re, estimated that the global insurance industry will have to pay as much as $7 billion (4.7bn Euros) for the Chilean earthquake. This company is the world's second-largest reinsurer and said that the impact would between $4bn and $7bn. Swiss Re initially first estimated that the earthquake would cost up to $500m. Chile's government has said it will take the country up to four years to recover, but economists say Chile is well placed to do this. Another reinsurance company, Germany's Munich Re, has also said how much it estimates it will have to pay out as a result of the Chilean earthquake - $543m.
This matters to the world because it shows how much natural disasters like this actually costs. Many countries around the world will never get money back; at least Chile is getting some money back because they actually have insurance. It also shows how long it will take to rebuild their country. Four years to rebuild really isn't that bad considering Haiti may never get back to where they were because of the differences in what kind of countries they are. I was shocked to think that it will cost over $7 billion for them to rebuild. If that ever happened in this country it could cost way more than that because of the kinds of cities that we have built here.