Japan insured loss to be $30bn at new estimate

first_img Tags: NULL Friday 25 March 2011 3:15 pm alison.lock Insurance industry losses from Japan’s dual catastrophes are likely to be between $20bn (£12.3bn) and $30bn, risk modelling consultancy AIR Worldwide has said, revising down its original $35bn upper limit estimate.In an update to its flash estimate published straight after the quake and tsunami devastated Japan’s north-eastern coastal region, AIR has used ground motion data and satellite pictures of the earthquake to better determine the extent of the damage.The estimate is clear that the earthquake and not the tsunami will have caused most damage to the affected area.Damage from ground-shaking and fires started after the earthquake are estimated to cost insurers between $11bn and $21bn, AIR said, while the insured losses from the tsunami are estimated at $8-9.7bn. “Never in history has a magnitude 9.0 earthquake been so well recorded instrumentally,” said Jayanta Guin, AIR senior vice president of research and modelling, adding that the revised estimate incorporates “an unprecedented quantity of data”. The update narrows AIR’s original estimate range, of $15-35bn, but it has raised its minimum forecast cost to $20bn.The loss estimate includes payouts from the government’s Japan Earthquake Reinsurance organisation that insures household damages. It is also net of government recoveries.But the data gathering for the modelling was hampered because Japan’s national seismic network website, K-NET, was itself offline for nearly a week after the quake.Two weeks after one of the largest earthquakes in history, insurers are still struggling to assess precisely how much has been lost, a process that is likely to drag on for months.AIR competitor Eqecat has estimated all-in losses at $12-25bn, while the industry’s third player, RMS, has not released a figure. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comcenter_img whatsapp Japan insured loss to be $30bn at new estimate Show Comments ▼ whatsapp last_img

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