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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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…
Read MoreReinsurance company reports market strength despite major disasters
Willis Re, the reinsurance division of Willis Group Holdings (NYSE: WSH), has released their stimulating report “Shaken and Stirring”. Stirring is an understatement. The report shows that with the devastation in Japan, New Zealand, Chile and the Australian floods is still not enough to bring a hard market into play. The report finds that there has been rate increases on Natural Catastrophe Excess of Loss of between 5 and 50 %, but the recent massive earthquakes in Japan and New Zealand’s South Island are not significant to push market-wide pricing up.…
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