The German reinsurance group Hannover Re said yesterday that the Japanese crisis would cost it around €250 million, six times less than global giant Munich Re.

Any assessment of losses in Japan is “still subject to considerable uncertainty,” a statement noted, “but based on an analysis of individual treaties,” Hannover Re estimated its losses at €250 million.

The world’s biggest reinsurance company, Munich Re, said late Tuesday that the Japanese earthquake and tsunami would result in claims payments of around €1.5 billion.

That meant its 2011 profit target “can no longer be maintained,” Munich Re said.

Swiss Re, the second biggest global reinsurance group, has estimated it will have to pay out 1.2 billion dollars (€850 million) in claims related to the quake and tsunami.

Shares in Hannover Re were down by 0.98 per cent at €38.34 in opening trading on the Frankfurt stock exchange.

Munich Re shares fell by 2.45 per cent to €107.3, while the Dax index on which they are listed was 0.50 percent lower overall.