NU Online News Service, March 10, 12:18 p.m.EST

A magnitude 9.1 earthquake (revised from 8.9) hit off theeast coast of Honshu, Japan at about 2:45 p.m. local time,and independent reinsurance brokerage firm Holborn said theeconomic loss from the earthquake in Japan will be twice that oflast year’s quake in Chile.

“Most reinsurers will report a loss this quarter, and we nowexpect that many will have full-year loss for 2011,” Holbornsaid.

The quake's epicenter was about 235 miles from Tokyo but just 80miles from the city of Sendai with a population of 1 million.Holborn reported that 200 people have died in Sendai and manyare lost as a result of a huge tsunami that followed the earthquakeand covered hundreds of miles, picking up cars, planes boats, anddebris with its current.

More News & Analysis on the Japanese Earthquake andTsunami

A widespread tsunami alert is affect across the PacificOcean. Advisories are ineffect for Alaska and the U.S. West Coast. Hawaii seems to haveavoided major damage, according to reports. Residents of Californiaare evacuating.

Holborn said building codes and a national program forresidential earthquake loss are “excellent,” but “there will bemajor losses on fire, flood, commercial, marine, auto, [workerscompensation] and life coverages.”

The national earthquake program buys some external reinsuranceand local reinsurance programs are “large and well-syndicatedacross most of the worldwide catastrophe markets,” Holborn said.Many multi-national companies have operations in Japan.

Modeler Risk Management Solutions said the earthquake follows aseries of strong earthquakes that have occurred in the region andnumerous aftershocks have hit the region following this latestearthquake, including 10 with a magnitude greater than 6.0.

On March 9, RMS released commentary on a magnitude 7.2earthquake off the coast of Honshu. Waves from the quake affectedthe coast but there were no reports of damage from the shaking orwaves.

Videos below detail the destruction in progress, as well as theamplitude of the waves generated after the earthquake tookplace.