European insurers face new costs and travel firms could lose business after tsunami waves brought death and destruction in Asia this weekend, but the financial impact is expected to be limited compared with other disasters this year.

The markets took a cautious stance, however, pushing down shares in insurers, reinsurers and tour operators.

Germany's Munich Re, Switzerland's Zurich Financial and other insurers said it was too early to assess the cost of Sunday's deadly waves, which brought havoc to shores from India to Thailand.

"There will be damages, even though for reinsurers they will not be that considerable -- first, because not very much is insured in these regions, and then a lot is covered by local [ companiehigher,sigtsunami.