Earthquake insurance is growing more costly in Japan

Japan Earthquake Insurance 2011

Japanese insurers seek to raise premiums for earthquake insurance coverage Earthquake insurance premiums are set to rise in Japan due to fears regarding recent and past seismic events. Several companies that provide this type of coverage are looking to increase premiums by an average of 19%, citing the financial impact of the massive earthquake that struck Japan four years ago. The Fukushima earthquake of 2011 caused significant damage to property and triggered the worst nuclear disaster that the world has seen since Chernobyl. Premiums grew for the first time in…

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Slow Moving Tropical Storm Ma-On Makes Landfall, Bringing Heavy Rains to Southern Japan

BOSTON, July 20, 2011 – According to catastrophe modeling firm AIR Worldwide, Tropical Storm Ma-On made landfall in southern Tokushima Prefecture on Shikoku Island late Tuesday night local time. “The sixth named storm of the season and the first to make landfall in Japan this year, Ma-On had maximum sustained winds of 120 km/h at landfall, making it a severe tropical storm on Japan Meteorological Agency’s (JMA) intensity scale,” said Dr. Peter Sousounis, principal scientist at AIR Worldwide. “The storm briefly reintensified to typhoon strength as it swept near southern…

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Typhoon Ma-On Nears Japan

BOSTON, July 18, 2011 – According to catastrophe modeling firm AIR Worldwide, with winds gusting to 157 kilometers per hour (98 miles per hour), Category 2 Typhoon Ma-On (local name “Ineng”) has passed Minami Daito Island and is moving at about 19 kph (12 mph) toward the north. Currently about 885 kilometers (550 miles) southwest of Tokyo, Ma-On is expected to stay at its current intensity for the next 24 hours and make landfall on Shikoku Island Tuesday morning local time. Ma-On is a large storm with typhoon force winds…

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