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Hannover Re beat expectations with net profit rising five-fold to $344 million in the first quarter, helped by surging investment income and the absence of big damage claims.

While the cause of the Costa Concordia accident is still under investigation, insurance and reinsurance markets are bracing for loss claims that could ultimately reach $1 billion, according to Moodys Investors Service.

Germany-based Hannover Re says net income as of June 30 was $312 million for, down nearly 30 percent from $443.5 million for the first half of 2010.

German-based reinsurer Hannover Re AG says Japan's devastating earthquake and tsunami cost it $344 millionpart of a heavy burden of losses from natural disasters that weighed down its earnings.

Hannover Re said its fourth-quarter net income rose 22 percent despite a year plagued by natural catastrophe losses that were above the company’s loss estimate.

Germany-based Hannover Re said it expects to take as much as $209 million in losses from the Feb. 22 New Zealand earthquake.

Germany-based Hannover Re said it expects to take as much as $209 million in losses from the Feb. 22 New Zealand earthquake.

Hannover Re said it is raising its full financial year profit forecast by over EUR100 million after posting 2010 third quarter net