M 7.3 Earthquake Strikes Off Japan; Little Damage Reported: AIR

Insurance industry News

BOSTON, Dec. 7, 2012 – According to catastrophe modeling firm AIR Worldwide, a magnitude 7.3 earthquake struck off the northeast coast of Japan today, 270 kilometers from the Japanese city of Sendai, at 18:18:24 local time. The event struck in the same plate boundary region impacted by last year’s devastating M 9.0 Tohoku earthquake, although that quake’s epicenter was about 150 kilometers closer to mainland Japan. According to AIR, given the distance of this event from shore, only minimal non-structural damage is expected, and insured losses are not expected to…

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Japan Catastrophe 2011: The Wake Up Call

  After seeing the devastation from last month’s earthquake and tsunami in Northeast Japan, officials in Tokyo are re- evaluating their current disaster plan. The huge 9.0 quake on March 11th that occurred over 200 miles from Japans capital made them realize they weren’t prepared for the worst-case situation. Japan has been working for over 40 years to make their country safer from devastating earthquakes. Earthquake engineering is a normal part of the construction process in Japan. City leaders were confident they had prepared for worse-case scenarios; until the quake…

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Damages from Sendai earthquake are far spread

Japan is in the midst of the most catastrophic disaster in recent history. On Friday, the nation suffered a magnitude 8.9 earthquake that was the most powerful geological event in the region in millennia. The quake triggered powerful tsunamis that invaded the shores of Japan and caused grievous damages to the Northern provinces. While the earthquake threatened to tear apart the nation’s foundations, the unrelenting tsunami washed away everything it its path. Insurance companies are struggling to fathom the cost of the disaster. Initial estimates claim that more than $35…

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