Insured losses from the devastating Chilean earthquake are expected to reach between $US4-10 billion ($4.4-11 billion), according to reinsurers.

Nearly 1000 people were killed while the southern city of Concepcion was devastated when an 8.8-magnitude quake rocked a 600km coastal stretch of the country on February 27. Further aftershocks hit the country on Thursday last week.

Swiss Re has forecast losses of between $US4-7 billion ($4.4-$7.7 billion) from the big quake, while Everest Re says total losses are likely to fall between $US4-10 billion.

Swiss Re says several hundred thousand buildings were damaged during the February quake, despite highly advanced seismic construction standards in the earthquake-prone country.

The Zurich-based reinsurer expects to itself meet claims worth $US500 million ($548 million).

Total losses will be constrained by limited insurance penetration, with just 10% of residential risks and 60% of commercial properties covered, according to catastrophe modellers AIR Worldwide.