Catlin says Japan quake cost £122m

Insurance underwriter Catlin has estimated the cost of the earthquake and tsunami in Japan at £122m.

Catlin said ina statement: “This estimate is subject to a considerable degree of uncertainty as the full scale of human and economic damage is not yet known.

"It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision.”

Catlin, which has also been hit by flooding in Australia and another earthquake in New Zealand, said earnings had been hit but that its capital base was strong.