Analyst: Japan insurance losses could hit $35 bln

 LONDON – Insurance companies are looking at billions in losses from the earthquake and tsunami in Japan, with one early estimate placing the figure as high as $35 billion.

German reinsurer Munich Re said Monday, however, that private insurers do not face a significant bill from damage to Japan's nuclear power plants.

AIR Worldwide, a Boston-based specialist in catastrophe modeling, said over the weekend that insured property losses could range between $15 billion to $35 billion.

AIR added that its earthquake model for Japan doesn't include the effects of a tsunami. Friday's earthquake triggered a huge tidal wave which wiped out homes and businesses, with 2,800 deaths confirmed Monday.

The Lloyd's of London insurance market said it was too early to estimate its losses.