The re-insurers said that the February 22 Christchurch earthquake will cost the insurance industry between $8 billion and $16b.
That -- plus the Japanese quake and tsunami -- have sparked speculation that premiums throughout New Zealand could rise, making cover more expensive for retail insurance companies selling policies to householders and businesses.
RenaissanceRe Holdings, which provides catastrophe re-insurance and insurance services, estimated on Wednesday it would record some $US220 ($NZ301) million in losses related to Australian flood damage and the Christchurch earthquake.
The Bermuda-based company said it was too early to estimate the financial hit it would take from the March 11 quake and tsunami off the coast of Japan, but the figure "will be significant", Associated Press reported.
Globally, the insurance industry has said early estimates show that Japan's earthquake and tsunami may cost the global insurance industry as much as $US60b, which would make the disaster the most expensive ever behind Hurricane Katrina.
In results for the first quarter of this year RenaissanceRe said Christchurch's February 22 quake would cost it $US190m, while the flooding in Australia will result in a financial hit of about $US30m.
Bermuda-based Everest Re estimated its losses from Christchurch would range between $US140m to $US210m, based on the industry's likely total losses, expected to range between $US8b and $US12b, Dow Jones newsagency reported. On an after-tax basis, the re-insurer estimated that its New Zealand loss to be between $US120m and $US180m.
It forecast gross losses of $US45m in the first quarter of 2011 for the Australian floods in Australia, or about $US37m net.
Alterra estimated its pretax losses of $US15m to $US20m for New Zealand's earthquakes, $US5m to $US8m in losses related to Australian floods in January and $6m to $10m in losses related to Cyclone Yasi.
The Wall Street Journal reported Flagstone Reinsurance Holdings SA expects its losses from the February aftershock will range between $US60m and $US90m.
Another reinsurance provider Endurance Specialty Holdings Ltd expects Christchurch's February earthquake will cost it $US45m while the Australian floods will lead to losses of $US15m.
European-based trans-Tasman re-insurance company Munich Re, said this week that the Australian and New Zealand disasters will cost it about $US3.5b, with the New Zealand quakes making up $1b of that.
In Germany, when Hannover Reinsurance Co. forecast a $US209m hit from the February aftershock it's share price rose 4 percent on relief that the loss was not larger.
Swiss Reinsurance Co. Ltd. announced on March 2 that it faces around $US800m in claims from the earthquake, pushing the reinsurer over its 2011 budget for natural catastrophes - even before the Japanese disasters.
Zurich-based Commercial insurer Ace Ltd that the February quake will cost it $US115m from the New Zealand earthquake and the Australian disasters another $US80m.
Arch Capital Group said the February aftershock would cost it an estimated $US35m to $US70m, net of reinsurance and reinstatement premiums.
