According to Risk Management Solutions (RMS) insured losses arising from the Asian tsunami will be less than $4bn.
RMS said the figure stems from information gathered in the three weeks following the disaster.
The company highlighted property insurance, travel insurance and life insurance as the most affected forms of cover.
Insured damage to property in the region is estimated to range from $2.5bn to $3bn, while life and health insurance claims are expected to be less than $1bn.
In the travel insurance sector, the company said 30% of European travellers taking a holiday are likely to have a travel policy. It estimated the cost of claims to be $100m.
