Germany’s Allianz yesterday became the latest insurance giant to see its profits hit by claims related to a string of natural disasters, most notably Japan’s monster earthquake and tsunami.

Europe’s biggest insurer said that first-quarter net profit slumped 44 per cent to slightly more than €900 million because of €750 million in expenses related to natural catastrophes. Of this, some €320 million related to insurance claims from Japan’s strongest-ever recorded quake and resulting tsunami on March 11 that left nearly 26,000 people missing or dead.

Japan’s government has estimated that direct damage from the nine magnitude earthquake and tsunami, which also triggered the world’s worst nuclear accident since Chernobyl 25 years ago, could reach $300 billion.

Other natural disasters in the first three months of 2011 included devastating floods and a typhoon in Australia in January and February and an earthquake in New Zealand in late February.

Germany’s Munich Re, the world’s top re-insurance company, warned last month that it would post a loss in the first quarter, saying the natural disasters would cost it €2.7 billion.

Hannover Re, which is also German, cut its 2011 profit outlook.