QBE expects $125m Japan claims exposure

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.”