QBE Insurance Group says its preliminary estimate of net claims from the earthquake and tsunami in Japan is about $US125 million.

Australia's biggest insurance company says the total net cost from all large individual and catastrophe claims to date in 2011 will now be about $US550 million.

This doesn't take into account future disasters (if they occur) over the rest of 2011.

That compares with the allowance of $US1.65 billion, after aggregate reinsurance protections, included in QBE's targets for calendar 2011, as announced on February 28.

"The majority of our estimated net claims from the devastating Japanese earthquake will come from the relatively low exposures in our reinsurance, marine and energy operations in Europe," QBE chief executive Frank O'Halloran said in a statement today.

QBE shares were down 18c or 1% at $16.99.

Astro Japan Property Group said yesterday that that its holdings were OK.

"Although detailed structural inspections have not yet been conducted on all its assets, based on the asset manager/property manager physical observations which have already been made of most of its portfolio, the minimal degree of physical damage which was inflicted on buildings in the Greater Tokyo area and other areas where AJA's assets are located and the fact that no tsunami damage has occurred in any of the areas where AJA's assets are located, AJA expects that its portfolio of assets has not sustained any material damage.

"AJA's asset manager has further reported that most retail tenants were already conducting business as usual over the past weekend," the company said.

Asto stapled securities fell 4% or 13c to $3.10.

The Galileo Japan Trust's securities shed 6.25% or 8c to $1.20 yesterday after it also said its holdings in Japan had escaped damage for the moment.

The fall got steeper in the afternoon, despite the company's statement and the rebound in late trading.

"None of GJT's assets are located in Miyagi Prefecture which was most seriously impacted by both the earthquake and subsequent tsunami.

"Initial reports from building maintenance staff indicate that no obvious structural damage has been sustained by any of GJT's assets, however a full engineering review has not been undertaken and this may take several weeks to complete.

"GJFML will provide further updates as more information becomes available, " the trust said