Japan at risk of more strong quakes in the next four years, say seismologists

Japan is still working to recover from a massive magnitude-9.0 earthquake that rocked the nation last year. The quake generated a tsunami that claimed 20,000 lives and spurred a nuclear crisis that continues to this day. While it will certainly not be the last quake Japan experiences in its lifetime, seismologists from the University of Tokyo say that the next quake will come sooner than expected. According to researchers, there is a 70% chance that the nation will be hit by a powerful quake of magnitude-7.0 or higher within four…

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Earthquake insurance claims cause t...
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Business owners seek help in evacuated areas around nuclear plant

The Tokyo Electric Power Company (TEPCO) not only is dealing with a leaky nuclear power reactor but business owners who have been evacuated from areas around the damaged Fukushima plant want compensation. Most of them have been unable to return to their homes to get work tools or supplies, and have been living in shelters since the evacuation took place. Since nuclear damage is not a covered peril under most insurance plans, these businesses have been left on their own to manage. A group of twenty people, made the trip…

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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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U.S. Nuclear Plants…how exposed are we?

The people of Japan knew they were at risk for a large scale earthquake, and even a tsunami. They took painstaking measures to prepare for this possible, “once in a lifetime” event.  We watched the tragedy and devastation that was taking place, in one of the most prepared countries in the world.  One hundred twenty seven million people experienced an event of historical proportions. All the planning and scenarios had been done for a “worst case disaster.” But as one disaster turned into two, and then two turned into three,…

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AFLAC, strong ties to Japan business

As the numbers keep rising on the estimate of losses in Japan, so do the growing concerns regarding the financial stability of insurance companies that were heavily vested there. One company, in particular, had at least three-quarters of their overall business in Japan. AFLAC, a top performing, Fortune 500 company, insures two of the largest insurance buyers in the world; the United States, and Japan. AFLAC sells supplemental health (GAP) insurance, life insurance and cancer insurance. Even though they don’t have property coverage in Japan, when the Earthquake and Tsunami…

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Read carefully…insurance policies carry nuclear exclusions

Insurance companies are reeling from the possible cost of the disaster in Japan. It will be weeks before the entirety of the damages can be put into any kind of perspective to be tallied. It isn’t just the property damage and the economic loss; the lives that were lost will also be a factor. Another aspect of this disaster is the nuclear contamination from damaged reactors.  Most traditional policies exclude coverage for nuclear accidents. There is more to assessing damage than people might realize. You have to determine what was…

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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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