EQECAT says Japan quake losses now up to $39B

Catastrophe modeling company EQECAT Inc. on Monday sharply increased its estimate of insured losses from the March 11 earthquake in Japan, saying they might now reach as high as $39 billion. EQECAT’s initial estimate had been $12 billion to $25 billion, but the new forecast says losses were more likely in a range of $22 billion to $39 billion. EQECAT said the revised forecast takes into account a number of factors, including disruptions caused by the radiation leakage from the Fukushima nuclear power complex.