An 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.
