In the wake of a magnitude 9.0 earthquake that struck Japan on March 11, with insured-loss estimates reaching as high as $35 billion, analysts and rating agencies fell on either side of the debate about whether the event will cause a turn in the long-running soft-market cycle.
Boston-based catastrophe modeling firm AIR Worldwide said its early range of estimates for insurance industry property loss is 1.2-2.8 trillion Japanese Yen, or $15-$35 billion (at current exchange rate). AIR said its estimates include property damage and direct business-interruption losses from the earthquake only, but not automobile losses, indirect business-interruption losses, or losses from the enormous tsunami and landslide that followed.
Modeler EQECAT said insured losses from the event will be between $12 billion and $25 billion.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
