Estimates for the insurance claims stemming from the Japanese earthquake and tsunami have varied wildly, with figures of up to $US100 billion ($101 billion) being quoted.

The first estimates from AIR Worldwide says the losses will range from $US15 to $35 billion ($15.2 to $35.5 billion), but that figure excludes all motor, aviation, marine and business interruption claims.

Eqecet has estimated the losses could be in excess of $US100 billion but the catastrophe modelling firm notes that flood coverage is an option in Japanese insurance policies and the take-up is very low.

Chartis says the catastrophe will cost the company $US700 million ($703 million).

Ace has put its losses from the catastrophe at between $US200 to $US250 million ($200.5 to $253 million) although it did not indicate how much of this is recoverable from reinsurance.

The major reinsurers, Munich, Swiss Re and Hannover, have all refused to provide estimates of their liabilities, saying they will wait until a complete assessment of the damage is available.

Fitch Ratings says while it will be among the largest insured losses in history, “such losses can be absorbed by the insurance and reinsurance industries without any widespread solvency problems or undue financial strain”.

Moody’s has predicted heavy losses for the reinsurers, especially from commercial and business risk claims.

Residential losses with be partially covered by the Japanese Government, but commercial and business interruption will be down to the insurers.

“The ultimate amount of insured losses from this event, as well as the market participants that will bear them, will depend on the types of coverage provided, the amount of reinsurance purchased, and the structure of reinsurance programs,” Moody’s Senior Analyst Kenji Kawada said.

“An additional wildcard is the potential for business interruption losses, which are influenced by damage to power and transportation infrastructure.

“We believe that estimating claims will be a protracted process, as the size and scope of the event will place significant strain on insurers’ claims adjustment resources.”

Moody’s says a number of Japanese general insurers will bear the brunt of claims – notably MS&AD Insurance Group, Mitsui Sumitomo Insurance, Aioi Nissay Dowa Insurance, Tokio Marine Group and NKSJ Group.

International insurers with exposure to the Japanese market include Ace, Chartis, Allianz and Zurich.