AIR Releases Comprehensive Japan Earthquake Model Update following Tohoku

Japan Earthquake Insurance 2011

BOSTON, July 1, 2013 – Catastrophe modeling firm AIR Worldwide today announced that it has updated its Earthquake Model for Japan to include insights gained from the Great Tohoku earthquake of March 2011, which yielded a vast amount of ground motion data, damage observations, and detailed claims data. As a result, the AIR model represents the industry’s first and currently only comprehensive view of seismic risk in Japan post-Tohoku. In addition to capturing the complex seismicity of Japan and the changes that took place as a result of the Tohoku…

Read More

Insurance 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 More

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 More