Industry faces record claim for copper mine closure

International reinsurers will pick up the bill • Santander to enter general insurance • Credit insurance growth • Pension reform

The largest payout in the history of the Chilean insurance market will be made later this year to the Collahuasi mining company. The technical failure of a mill in the copper mine at the end of March 2005, put it out of action for 20 days. A temporary repair was made to bring it back into service, but it will have to be stopped again for full servicing.