Axis Capital is estimating the Christchurch earthquake and tornadoes in the US earlier this year will cost it between $US90-105 million ($84-98 million).

The Bermuda-based reinsurer estimates Christchurch claims to be between $US30-35 million ($28-$32.6 million), with the US severe weather events during April and May costing between $US60-70 million ($56-65 million) in its second-quarter financial results.

In a statement to investors, Axis says it has reviewed claims lodged in the first quarter and this will have a negative $US20 million ($18.6 million) impact on its results.

“Favourable developments related to the net losses for the earthquake and tsunami in Japan and the loss events in Australia in the first quarter are expected to largely offset an increase in the net loss estimates for the New Zealand earthquake,” Axis said.

“The company currently estimates industry losses will be $US3 billion ($2.8 billion) for the June aftershock in NZ and $US16 billion ($15 billion) for the US severe weather events.”

Axis is estimating industry-wide losses for Christchurch have increased to $US15 billion ($14 billion) and for Japan to between $US25 billion ($23 billion) to $US30 billion ($28 billion). Australian losses are predicted to be $US6 billion ($5.5 billion).

Axis has warned the figures could continue to increase as its exposure to these events is ongoing.