QBE estimates Japanese losses at $125m

by Gill Montia

Story link: QBE estimates Japanese losses at $125m

QBE has reported preliminary estimated net claims from the earthquake and following tsunami in Japan of around US$125 million.

Group chief executive officer, Frank O’Halloran, explains: “The majority of our estimated net claims from the devastating Japanese earthquake will come from the relatively low exposures in our reinsurance, marine and energy operations in Europe.”

The Australian insurer calculates total net cost from all large individual risk and catastrophe claims to date in 2011 at US$550 million.

Meanwhile, catastrophe modelling firm, AIR Worldwide, estimates that insured property losses from the Mw9.1 earthquake that struck Japan on Friday will range between US$15 billion and US$35 billion.