The consequences of the Spanish rail disaster will soon be felt in the fortunes of the large insurance company ledgers.
AMP may still have an exposure to this area from its exposure and lingering agreements and liabilities with Pearl and its other European commitments. Even though they have annouced complete detachment and settlement of their European problems, the results will show the extent of their operations through the flood of claims from the Spanish disaster much liek Westfield and QBE in September 11.
AXA are definately exposed as are some of the Australian banks of which I believe NAB still have a relationship with Bank Santander of Spain.
Strangely Santander was the receipient of the largesee of both Iran and Saddam Husseins Iraq when they ran into trouble in the late 1980's early 1990s'. At least $5 bilionwas extended to their operations on terms kept very very condfidential.
I wonder who else is shuddering and in mourning besides the families of the victims. QBE? AMP?NAB? AXA?
spanish bomb blast
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