Estimated losses from Japan’s earthquake and tsunami for RenaissanceRe should reach USD 220 million; Axis Capital estimates its losses to USD 285 million and Argo Capital Partners Fund losses add up to USD 60 million.
Bermuda-based insurer and reinsurer Axis Capital said losses from the Japan catastrophe will primarily impact its reinsurance segment and does not expect losses from its insurance segment to exceed USD 25 million.
RenaissanceRe, which provides reinsurance and insurance to cover the risk of natural and man-made catastrophes, said it expects losses from Japan to hurt its first-quarter results.
Risk modeling agency RMS has estimated the total insured loss at between USD 21 billion and USD 34 billion, while rivals Eqecat and AIR Worldwide are expecting losses of USD 12 billion-USD 25 billion and $20 billion-$30 billion, respectively.
For a factbox on insurance impact of Japan earthquake
Other insurers most exposed to Japan are Aflac , AIG , MetLife , Munich Re and Swiss Re .
The Japanese government has estimated the total economic impact at USD 198 to 309 billion, although the insurance industry is expected to pick up only a fraction of this as most losses to households are covered by a state-backed reinsurance pool.
Source : Reuters
