The results of Japan’s earthquake and other natural disasters which hit the world in the first quarter of this year are still causing tribulations in the market. Insurer, Zurich Financial and Swiss Re profits were less than expected, an announcement by the insurers stated recently.

The earthquake followed by the tsunami in Japan this March caused from $12 billion to $25 billion insured losses. Other catastrophes such as the flooding in Australia and the earthquake in New Zealand early in the year have also contributed for the losses.

While natural catastrophes led to a bill of $2.3 billion at Swiss Re, Zurich got a $517 million disaster bill. Therefore, 2011 is expected by specialists to be the year with the one of the highest historical natural catastrophe claims burdens.

World's second-biggest reinsurer Swiss-Re was already predicting a high 2011 disaster bill when it got worst and the earthquake and tsunami hit Japan, which caused the company costs about $1.2 billion in claims. German Munich Re stated on April it would have a negative first-quarter result. The company estimated to spend at least 1.5 billion Euros in claims coming from Japan.

According to specialists, total losses for reinsurers and insurers should come to $52.6 billion in the first quarter of this year.