finance newsbysector banksandfinance insurance 8384183 ----- # Japan earthquake: insurers face $50bn claims from disasters ## Catastrophe losses from earthquakes and flooding are likely to have cost the global insurance industry more than $50bn (£31bn) already this year, experts have warned. ![An urban area devastated by tsunami is seen in Minami Sanriku, Miyagi, northern Japan][1] Estimates from risk modelling agency AIR suggest claims from last week's Japanese earthquake could reach up to $35bn Photo: AP [![Jamie Dunkley ][2]][3] By [Jamie Dunkley][4] 7:32PM GMT 15 Mar 2011 [Follow Jamie Dunkley on Twitter][5] [Comments][6] Estimates from risk modelling agency AIR suggest claims from last week's Japanese earthquake could reach up to $35bn - although this figure will grow significantly once tsunami-related loss estimates are added later this week. Claims from February's New Zealand earthquake could cost the industry a further $8bn according to AIR, while losses from flooding in Australia are estimated to reach up to $6bn. Most of the losses will be absorbed by global reinsurers and companies operating in the Lloyd's of London market. In a statement on Tuesday, Lancashire Insurance said it faced claims of up to $55m from events excluding Japan. The company, which does not operate in Lloyd's, said it would be "premature" to estimate Japanese losses. ## Related Articles * [World's most expensive natural disasters][7] 30 Mar 2011 * [Japan earthquake: The companies most affected by the disaster][8] 15 Mar 2011 * [Most expensive global disasters][9] 15 Mar 2011 [X][10] Share & bookmark Delicious Facebook Google Messenger Reddit Twitter Digg Fark LinkedIn Google Buzz StumbleUpon Y! 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