Reinsurance giant Swiss Re says it expects claims of $1.2 billion on damages associated with the Japanese earthquake, according to Bloomberg.Shares of the company are up nearly 2% in European trading today, as many expected this claims number to be much worse.
One reason this number may be so low is because the Japanese government provides earthquake insurance for individuals homes, and doesn’t re-insure that risk abroad.
The industry may still be in trouble, however. Earlier on in the crisis, Citi analyst Keith Walsh said he expected as much as $35 billion in insured property losses. Eqecat, the catastrophe modelling company, says it will likely top out at $25 billion.