Japan Quake Claims Limited
Friday, October 3rd, 2003 Catastrophe PropertyAn earthquake last week that jolted Japan’s northern island of Hokkaido is not expected to cause significant insured losses. The offshore, 8.0-magnitude quake injured hundreds, cut off electricity and water, and ignited two oil-tank blazes at an Idemitsu Kosan oil refinery in Tomakomai. But because the area affected was sparsely populated, insured losses are unlikely to exceed $30 million, according to brokers in Tokyo. Local authorities on Hokkaido said total economic losses were estimated at 9.1 billion yen ($82.7 million), including 4.2 billion yen ($38.2 million) for fishing industry-related damages and 4.0 billion yen (36.4 million) in damages to roads and publicly owned port facilities. Brokers estimate the insured losses are between $10 million and $30 million, including losses from Idemitsu.
