Swiss Re breaks ranks and reveals full extent of Japanese disaster hit

So far, most insurers and re insurers have stuck to the line that it is too early to be sure what it will have to pay to policyholders.

Today Swiss Re puts its own costs at $1.2bn (£738m).

Last week, US insurance giant AIG said its claims from the disaster would be at least $700m.

Swiss Re said in a statement: "We will be able to absorb current estimates for claims and still maintain significant excess capital,"

Analysts have estimated that the insurance industry's final bill could reach $35bn, excluding any impact from problems at the nuclear power plants.