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While the industry tries to get a handle on losses coming from Japan in the wake of the recent earthquake, insurers in California can expect to see business interruption and other claims from damage caused to marinas by tsunami waves that hit the coast.

Aftermath images of the Japan earthquake and tsunami demonstrate why insurance companies are looking at billions in losses, with one early estimate placing the figure as high as $35 billion.

In the first of three parts of a series, the president and CEO of the International Insurance Institute explains his five standards of a great claims organization.

The insurance industry is just beginning to grasp the consequences following the massive earthquake and tsunami in Japan late last week, with one catastrophe modeler estimating insured property losses at $35 billion.

Although Bermuda insurers and reinsurers were hit with more than $3.5 billion in catastrophe losses from worldwide disasters in 2010, roughly $2.7 billion in favorable prior-year loss development helped cushion the blow, according to NU tallies.

More information about Friday's earthquake and tsunami in Japan are coming out, with many estimates of total and insured losses being made by modelers. But that's not all that's making news.