QBE Insurance Group Ltd
(ASX:QBE) has advised that its preliminary estimate of the net claims from the Japanese earthquake and tsunami is around $US125 million.
The total cost of all claims for 2011 to date is estimated to be $US550 million. This compares with the allowance of $US1.65 billion included in QBE’s targets for this year.
The QBE chief executive said the majority of the estimated net claims from the Japanese earthquake will come from the low exposure in the company’s reinsurance, marine and energy operations in Europe.
In the year to 31 December 2010, QBE Insurance Group reported a net profit of $1.27 billion.
