The UK insurance market will not be severely hit by claims from the Asian tsunami disaster, although estimates of the global insured loss have been put as high as $10bn, say initial reports.

Cunningham Lindsey liaison adjuster David Appleton said the loss to UK insurers would be small because many of the claims would be made against local insurers.

He added: "The major international insurers are reporting a generally low level of property losses all told but quite a lot of accident and health losses."

An AXA spokesman estimated that the insurer had 5,000 travel policyholders in the region.

Swiss Re currently values its claims related to the tsunami to be less than SF100m (£45.5m) while Munich Re puts its estimate at below E100m (£70.6m).