The financial implications of the earthquakes in New Zealand and Japan on the insurance sector are becoming clearer.
Europe's fourth largest insurer, Zurich Financial Services, has been hit with a 32 percent drop in first quarter profits.
Quarterly profits have fallen at Great-West Lifeco in Canada and Swiss Re, a reinsurer, lost $665 million in the same period.
Swiss Re is warning that natural catastrophe claims could be the highest ever in 2011.
