Insurers hit by Japan quake claim fears

Global insurance company share prices tumbled last night as concerns mounted about the cost of rebuilding Japan following Friday's earthquake and the resulting tsunami.

By close of play in Frankfurt, Munich Re fell 3.56% while Allianz lost 2.9%. In London, Aviva ended the day down 3.1% and in Paris, Axa lost 3.3%. In the US, insurers also suffered, with AIG down 1.3% in early trading though it bounced back to end slightly up by close on Wall Street. Initial estimates suggest the damage could cost the insurance industry up to $35bn (£22bn). Analysts say the disaster could trigger higher insurance prices in the future, according to the BBC. Global insurance companies had already taken a hit from the disaster on Friday. Experts said it was diffi...