NEW YORK (CNN/Money) - Insured losses from the 2004 Southeast Asia earthquake and tsunami will be less than $4 billion, according to a Risk Management Solutions report issued this week.

As a result the disaster will only have a modest impact on the insurance industry, said the consulting firm.

RMS estimated total insured damage to property across all the affected countries was between $2.5 and $3 billion. Life and health insurance costs were estimated to be less than $1 billion. Travel insurance claims were estimated to be near $100 million.

The tsunami was triggered Dec. 26 by an earthquake on the sea floor just off the coast of Indonesia. The deadly wave spread east and west of the main fault rupture into the coastal regions of Sumatra, Thailand, Myanmar, southern India, Sri Lanka and the Maldives. Over 170,000 people lost their lives.

The Southeast Asia disaster was one of the worst natural disasters recorded in the last 100 years according to the report.