ZURICH—Swiss Reinsurance Co. Ltd. said Wednesday it expects $600 million in losses from the earthquake that hit Chile and windstorm that battered parts of Europe.

The Zurich-based reinsurer said it expects $100 million in losses from Windstorm Xynthia and $500 million in losses from the 8.8 magnitude quake that hit Chile, a temblor that is “likely to become one of the most expensive ever for the global insurance industry,” Swiss Re said in a statement.

Swiss Re estimated total economic losses could reach $15 billion from the quake and insured losses could range from $4 billion to $7 billion.

Swiss Re said it is common for owners of mortgaged residential, commercial and industrial properties in Chile to buy earthquake insurance. The Feb. 27 quake, which heavily damaged Concepción and Santiago, “will lead to significant insurance claims for property damage and business interruption,” the reinsurer said.

Xynthia swept across Western Europe in late February, causing the greatest damage in France. Swiss Re said much of the damage resulted from storm surge along France’s Atlantic coast.

“Coverage against wind and flood damage is standard practice in the countries affected by Xynthia,” Swiss Re said in the statement, and is provided by state-run and private insurers.