Majority of claims will arise from European reinsurance, marine and energy operations, says QBE

QBE said its preliminary estimate of net claims from the earthquake and tsunami in Japan is around US$125m.

The total net cost from all large individual risk and catastrophe claims to date in 2011 is now estimated to be US$550m, the Australian insurer said.

This compares with its allowance of US$1.65bn, after aggregate reinsurance protections, included in QBE's targets for this year.

QBE group chief executive, Frank O'Halloran, said: "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.”