QBE is exposed to about $US125 million ($123.9 million) in net insurance claims from the earthquake and tsunami in Japan.

That figure compares with the allowance of $US1.65 billion ($1.63 billion) after aggregate reinsurance protections. These figures were included in the group’s targets for 2011 announced on February 28.

A company statement to the Australian Securities Exchange this morning says total net costs from all large individual risk and catastrophe claims so far in 2011 are about $US550 million ($545.2 million).

“The majority of our estimated net claims from the devastating Japanese earthquake will come from the relatively low exposures in our reinsurance, marine and energy operations in Europe,” CEO Frank O’Halloran said.