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Omega predicts $23.6m losses from Japanese earthquake

By Jonathan KentBermuda-based Omega Insurance Holdings Ltd expects losses of around $23.6 million from last month’s Japanese earthquake and tsunami.The company also gave updated estimates of its losses from January’s Queensland floods of $7.6 million and from the Christchurch earthquake in New Zealand of $9.5 million. The estimates are both within previously estimated ranges.Omega said its Japan estimates, which are based on an industry loss estimate of $25 billion, were still at a very early stage.“There is still significant uncertainty surrounding the total market loss of this event and these estimates will be subject to revision as loss notifications are received and information becomes clearer,” Omega said in a statement.