Swiss Re Estimates Claims of $1.2 Billion From Japan Quake

Swiss Reinsurance Co., the world’s second-biggest reinsurer, estimated it will face claims of about $1.2 billion from the earthquake and the tsunami in Japan.

The figure is low because Japan’s government insures residential properties covered by non-life companies against earthquake and tsunami damage and this protection is not reinsured internationally, the Zurich-based company said in an e-mailed statement today. The preliminary claims figure is net of retrocession and before tax, Swiss Re said.