German reinsurance group Hannover Re said Wednesday that the Japanese disasters would cost it around 250 million euros ($350 million), six times less than global giant Munich Re.
Any assessment of losses is “still subject to considerable uncertainty,” a statement noted, but based on a preliminary analysis, Hannover Re estimated its losses at 250 million euros.
The world’s biggest reinsurance company, Munich Re, said late Tuesday that the March 11 Japanese earthquake and tsunami would result in claims payments of around 1.5 billion euros.
After initially posting marked drops on the Frankfurt stock exchange, shares in the two groups recovered in late morning trades.
Swiss Re, the second biggest global reinsurance group, has estimated it will have to pay out 1.2 billion dollars (850 million euros) in claims related to the quake and tsunami.
In Japan, the government estimated the total cost of the quake and tsunami could hit 25 trillion yen ($309 billion), and that growth would be affected in the next fiscal year.
Shares in Hannover Re showed a loss of 0.26 percent at 38.62 euros in Frankfurt trading. Munich Re shares were essentially unchanged at 110.05 euros, while the Dax index on which they are listed was 0.14 percent higher overall.
Frankfurt, March 23, 2011 (AFP)
