Japan’s recent earthquake and resultant tsunami is turning out to be the most expensive catastrophe for insurers since Hurricane Katrina in 2005, according to a new report. Risk modeling company Risk Management Solutions estimates that insurers face between $21 billion and $34 billion in total losses.

Insures face property losses of $18 billion to $26 billion. Life- and health-insurance claims will add about $3 billion to $8 billion to the total, said RMS. Last month, RMS competitor AIR Worldwide reported that the Japan quake and tsunami could cost insurers approximately $20 billion to $30 billion, an estimate that did not include life insurance claims. Eqecat also issued estimates, predicting insured losses at $12 billion to $25 billion, which included up to $3 billion in life-insurance costs.

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