As a pair of global reinsurers issued loss estimates in the billions for the March 11 Japan earthquake and tsunami, a Moody’s report indicates that commercial property and casualty insurers could take the biggest hit both in losses and credit worthiness from the event.

Previously, companies such as SCOR, ACE and QBE issued initial loss estimates of $257.9 million, $225 million and $125 million, respectively. This past week, Swiss Re said its initial loss estimate is $1.2 billion, net of retrocession. The company said the estimate is mostly based on modeled estimates.

Munich Re says its initial estimated loss is around €1.5 billion (U.S. $2.1 billion at the current exchange rate), after retrocession and before tax. The company adds that it will now miss its 2011 profit target of around €2.4 billion ($3.4 billion).

Munich Re notes that its lost estimate is based solely on modeling and could change as more information comes to light.

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