AIR Worldwide, a prestigious catastrophe modeling firm serving the global insurance industry, has released a new report titled “Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011.” The quake that struck Japan last year was a magnitude -9.0 and caused a fair amount of damage in Northern provinces. The quake itself did not cause a severe level of damage but it did trigger a massive tsunami that cut a swath of destruction in the country and spurred a nuclear crisis. AIR’s scientists have been conducting detailed…
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Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake
BOSTON, Feb. 16, 2012 – Catastrophe modeling firm AIR Worldwide released a new report titled, “Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011.” The M9.0 Tohoku earthquake changed the seismic risk landscape of Japan. In response, AIR scientists have conducted a detailed analysis of whether and where the stresses relieved by the Tohoku earthquake have been transferred to neighboring faults. Although damage from this event is most closely associated with the massive tsunami-which in places reached a height of more than 30 meters and demolished…
Read MoreInsurance claims hit record highs in 2011 due to natural disasters
According to Munich Re, earthquakes and other natural disasters in 2011 led to record losses in the insurance industry, which are estimated to have reached $105 billion. The world’s largest reinsurer said that the earthquakes in Japan, and the tsunami that followed, contributed to those totals by adding nearly 16,000 deaths and estimated $35 to $40 billion in damages to the final figures. Munich Re added that the February quake in Christchurch, New Zealand, alone was responsible for another $13 billion in insured damages. Together those two earthquakes caused almost…
Read MoreCat bonds still steady even with major disasters
After the devastation in Japan two months ago, investors were keeping a watchful eye on the stock and bond market. It appears though, that the catastrophe bond (CAT bonds) division has been holding strong. Analysts and brokers have commented that no drastic price decreases or large spreads have occurred to cause them to be worried. The recent earthquake and tsunami in Japan were what investors are calling the biggest adversity to happen since the financial woes of the Lehman Brothers filing for bankruptcy. The catastrophe bond sector is still strong…
Read MoreRamifications from Japan disaster hits industries around the world
The people of Japan know that it may take years to get their country back to some stage of normal again. The powerful quake and tsunami that devastated areas of Japan two months ago are having some lingering effects in the United States also. At least one third of businesses in the states have experienced supply problems that have disrupted their normal work flow. A recent market study shows that more than 80 percent of all businesses surveyed had experienced some type of business interruption due to the disaster in…
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