. Earth Science News .
DISASTER MANAGEMENT
Japan disaster: Insured losses at $12-25 bn

Destruction is seen in Kamaishi on March 16, 2011, following the devasting earthquake and ensuing tsunami on March 11. Photo courtesy AFP.
by Staff Writers
Washington (AFP) March 16, 2011
Japan's devastating earthquake and tsunami last week have resulted in insured losses of between $12 and $25 billion, risk assessment firm EQECAT said Wednesday.

EQECAT said the epic magnitude-9.0 quake that struck Japan Friday and the ensuing massive tsunami were piling up "significant losses" to the insurance industry.

"EQECAT estimates total insured losses at $12-$25 billion," the company said.

"This loss estimate encompasses the effects of earthquake shaking, ensuing tsunami and fires, and losses to automobiles, marine, life, and personal accident insurance lines," it said.

But the loss estimates did not include the developing nuclear crisis as Japan raced to prevent a catastrophe at quake-stricken nuclear plants.

"These estimates do not account for losses associated with the current nuclear emergency at power plants in the region," the firm said.

EQECAT estimated that between $2.0 to $4.0 billion of the insured losses was expected to be borne by the government's Japan Earthquake Reinsurance Pool, reducing the total losses to non-life property insurers in Japan.

The most powerful earthquake to hit Japan since record keeping began triggered a huge tsunami that swept away cars, structures and ships along the eastern coast, and impacted coastal towns across the Pacific as far away as Northern California.

The prefectures where the ground motion was the strongest, measuring a magnitude of 6.0 on the Japan Meteorological Agency's seismic intensity scale, are Chiba (northern) and Ibaraki, Tochigi, Fukushima, Miyagi and Iwate (southern), the risk modeling firm noted.

But prefectures with significant observations of 5.0-magnitude shaking include Tokyo, Kanagawa, Saitama, Niigata, Yamagata, and Aita.

"This distinction is important -- the most severe damage to property and assets will be in the areas with JMA 6, but the areas of JMA 5 are expected to have scattered pockets of damage throughout the region," the firm said.

The largest share of the insured loss will be covered by the property insurance market, which provides earthquake insurance to individuals and businesses in Japan, it said.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


DISASTER MANAGEMENT
Japan disaster survivors search for the missing
Minamisanriku, Japan March 16, 2011
Tomeko Sato spent two agonising days searching for her daughter after the giant waves crashed ashore. They are now looking for 10 missing relatives in the wasteland they once called home. Some of them lived near the spot where Sato is standing in the Japanese fishing town of Minamisanriku, but all that remains to indicate there were ever any homes here in the muddy flood plain are concrete f ... read more







DISASTER MANAGEMENT
Japan disaster in numbers

Japan disaster: Insured losses at $12-25 bn

Haiti's desperate tent dwellers pin hopes on election

Japanese baker picks up pieces after tsunami

DISASTER MANAGEMENT
Mounting Japan crisis sparks warnings to leave Tokyo

Hong Kong extends 'black' travel alert for Japan

S.Korea warns against panic-buying of iodide pills

US warns citizens near Japan nuclear plant to leave

DISASTER MANAGEMENT
Ethiopian dams on Nile stir river rivalry

Shallow-Water Shrimp Tolerates Deep-Sea Conditions

'Pancake' stingrays found in Amazon

Sinohydro inks $2 bn deal to build Iran dam: report

DISASTER MANAGEMENT
Wheels Up for Extensive Survey of Arctic Ice

Arctic-Wide Measurements Verify Rapid Ozone Depletion In Recent Days

Pace of polar ice melt 'accelerating rapidly': study

Soot Packs A Punch On Tibetan Plateau's Climate

DISASTER MANAGEMENT
Japan to start screening food for radioactivity

Tainted pork is latest food scandal to hit China

Russia's Chukotka backs polar bear hunting

Untapped Crop Data From Africa Predicts Corn Peril If Temperatures Rise

DISASTER MANAGEMENT
Indonesian man escapes Aceh and Japan tsunamis

Cuts could cripple US tsunami warning: Official

Prince William stunned at Christchurch quake damage

Tsunami alert system to be tested in Caribbean

DISASTER MANAGEMENT
Cameroon suspends Twitter for 'security reasons'

Over 500 flee restive Casamance flee to Gambia: UN

First protests in Guinea since Conde takes power

China lends Angola $15 bn but creates few jobs

DISASTER MANAGEMENT
Study: More immigrant families are intact

Study: Neanderthals had control of fire

Age Affects All Primates

Brain Has 3 Layers Of Working Memory


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement