Axis Capital Holdings has estimated the Christchurch earthquake and Australian weather disasters will cost it between $US275-$US315 million ($271-310 million) this quarter.

The Bermuda-headquartered company says the estimate is pre-tax and net of reinstatement premiums.

Christchurch is forecast to cost between $US185-$US215 million ($182-$212 million) and Australian events between $US90-$US100 million ($88.7-$96.8 million).

Axis has estimated total industry losses in the range of $US8 -$US12 billion ($7.9-$11.8 billion) from New Zealand and over $US6 billion ($5.9 billion) for Australia in the first quarter.

Noting industry estimates of $US12-$US35 billion ($11.8-$34.5 billion) for the Japan earthquake, Axis says losses from its reinsurance business are not expected to exceed 1.3% of total industry loss. It says the net impact to its insurance business is not likely to exceed $US25 million ($24.6 million) due to reinsurance.

Also see ANALYSIS