While European markets are holding up this morning, major reinsurance and insurance firms are taking a big hit on concerns costs associated with the Japanese disaster may go as high as $34 billion.The big names this morning in the red:
- Hannover RE down 4.52%
- Swiss RE down 3.29%
- Munich RE down 3.45%
- Catlin Group down 3.74%
Munich RE denies that the insurance industry will take a big hit from what’s happened in Japan.