Japan’s nuclear crisis appeared to be spinning out of control on Wednesday after workers withdrew briefly from a stricken power plant because of surging radiation levels, but desperate efforts to avert a catastrophic meltdown quickly resumed. Early in the day …
Fitch Ratings has issued a bulletin, indicating that it “believes that while the 11 March earthquake in Japan will be among the largest insured losses in history, such losses can be absorbed by the insurance and reinsurance industries without widespread …
Swiss Re issued a statement which stressed that it is “committed to the Japanese insurance market and to supporting the country’s recovery from the devastating earthquake and tsunami which claimed many lives last week.” Chief Executive Stefan Lippe added: “We …
Quake-hit Japan faces a recovery and reconstruction bill of at least $180 billion, or 3 percent of its annual economic output and more than 50 percent higher than the total cost of 1995’s earthquake in Kobe. Even though some extreme …
Investors sold insurance shares Monday in fear of how high the total losses from Japan’s earthquake and tsunami will go, though it will take weeks to determine how much was actually lost. At least one set of experts pegged the …
Catastrophe modeling firm EQECAT has issued a bulletin describing the potential insured market losses and summarizing the various impacts of Japan’s insurance market with its specific inclusions and exclusions. Earthquake Shaking (EQ Shake) EQECAT identified this as the biggest exposure …
Tsunami waves following Japan’s massive earthquake are estimated to have caused more than $50 million in damage in the Western United States, according to local officials. In Hawaii, Gov. Neil Abercrombie issued an emergency proclamation that will allow the state …
The magnitude 8.9 earthquake, 6 miles down in the Japan Trench and 130 kms (81 miles) off Japan’s northeast coast, triggered a tsunami that devastated cities and towns over a wide area. Pictures of the onrushing waves, piling up cars …
U.S. insurer Aflac Inc , which is the largest foreign insurer in Japan, has “rather limited” financial exposure to the devastating earthquake and tsunami, Aflac’s chief executive said. “Are we going to be hit in terms of earnings or major …
Economic losses in the regions of Japan that were hit by a massive earthquake will reach around 14 trillion yen to 15 trillion yen ($171-$183 billion) based on information available on Monday, Credit Suisse said in a research note. Credit …
