LONDON (Bloomberg) — Bermuda-based Catlin Group Ltd., owner of the largest insurance unit at Lloyd's of London, said it expects claims of about $140 million from last month's Chilean earthquake.

About two-thirds of this loss will arise from international property reinsurance policies sold in London and Bermuda, Catlin said in a statement. The forecast is based on an overall market loss of $6 billion.

Insurers that have estimated their losses so far say that the 8.8 magnitude earthquake, which killed an estimated 342 people, may prompt claims of about $3 billion. Insured losses from the earthquake on February 27 may total as much as $8 billion, catastrophe forecaster Eqecat Inc. said earlier this month.

"Current estimates of the insured damage caused by the Chilean earthquake, which occurred on 27 February, still vary widely and contain a considerable degree of uncertainty," the statement said.

"It will be many months until claims arising from this catastrophe can be estimated with any precision."

Lloyd's of London insurers may have used up more than half of their annual budget for natural catastrophes paying as a result of claims for the Chilean earthquake and Windstorm Xynthia, which struck France last month, according to Christopher Hitchings, a London-based analyst at Keefe, Bruyette & Woods.

Catlin said its losses to Windstorm Xynthia, which killed at least 47 people, will amount to less than $10 million.

Catlin's announcement means that Bermuda market particpants estimates are up to $2 billion.