New Zealand insurer Tower estimates losses from Cyclone Winston in Fiji will fall within its main catastrophe reinsurance cover, which has an excess of $NZ10 million ($9.1 million).

The company has received fewer than 250 claims, and initial calculations put the potential loss – net of tax cost – at $NZ4-$NZ7 million ($3.7-$6.4 million).

“Although it is early days, it appears Tower will be subject to losses lower than initially anticipated given the severity of the cyclone,” CEO Richard Harding said.

The Fiji Government estimates Winston has left an overall damage bill of about $650 million after striking the Pacific nation last month, killing more than 40 people.

Winston is the strongest storm to have struck the southern hemisphere, with average winds of 230kmh.