The Institutes

EQECAT Updates Quake Estimates

 Friday, March 18, 2011

 Insurance Networking News

EQECAT estimates the total insured loss from this event to be $12-25 Billion with damage from this event concentrated in Chiba (northern), Ibaraki, Tochigi, Fukushima, Miyagi, and Iwate (southern) prefectures. EQECAT says the largest component of insured loss will be covered by the property insurance market, which provides earthquake insurance to individuals and businesses in Japan. This loss estimate encompasses the effects of earthquake shaking, ensuing tsunami and fires, and losses to Automobiles, Marine, Life, and Personal Accident insurance lines but excludes any damage that may accrue from the country’s four crippled nuclear power plants.

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