ZURICH, Switzerland, Dec. 30 (UPI) -- One of the world's largest insurers said Thursday damages from Sunday's catastrophic tsunamis seem unlikely to devastate the insurance industry.

Swiss Re, the world's second-largest reinsurer, says it will pay less than $88 million to cover losses from thie catastrophe, which currently has a death toll in Southeast Asia of about 123,000.

The company said the effect on its business would be comparatively low, apparently because most victims did not have insurance.

"The claims burden for the insurance sector will be in sharp contrast to the human and economic damages triggered by this event," the company said. "Most of the insured losses are likely to concern property damage and business interruption."