japan

Moody’s RMS has estimated the insurance market loss from the January 1st M7.5 earthquake that hit near the Noto peninsula in Ishikawa prefecture, Japan, at between US $3 billion and $6 billion.

Verisk’s Extreme Event Solutions business unit has estimated the insurance industry loss from the January 1st M7.5 earthquake that hit near the Noto peninsula in Ishikawa prefecture, Japan, at between JPY 260 billion (US $1.8 billion) and JPY 480 billion (US $3.3 billion).

A second modelled insurance industry loss estimate for the damaging earthquake that struck Japan on New Year’s day has now been released, with CoreLogic saying it believes the total will be below $5 billion.

Insurance industry losses from the January 1st magnitude 7.5 earthquake that struck the Noto peninsula on Japan’s west coast could reach $6.4 billion, with residential property seen as the major contributor, according to risk modelling firm Karen Clark & Company (KCC).

The damaging magnitude 7.5 earthquake that struck Japan’s Ishikawa prefecture on the west coast of the main island of Honshu on New Year’s Day could affect the April reinsurance renewal outcome for Japanese insurers, if the excess layers of reinsurance programs are impacted, rating agency AM Best has said.

Catastrophe bond and insurance-linked securities (ILS) investment manager Twelve Capital has said in an update that it does not currently anticipate any direct losses due to the major earthquake in Japan to any positions it holds.

The magnitude 7.5 earthquake that struck in Ishikawa prefecture on the west coast of the Japanese main island of Honshu yesterday, is not expected to have an immediate catastrophe bond market impact, Plenum Investments has said.

Japan has started the new year with a damaging magnitude 7.6 earthquake that hit the Noto peninsula region of Ishikawa prefecture today, with widespread reports of damage, the first major tsunami warning since 2011 and thousands of people evacuated from the coast.

In finalising the insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, catastrophe loss data aggregator PERILS AG has lowered the total to JPY 125.9 billion, while also saying that its data is increasingly being used in Japanese ILW loss triggers.

The global insurance and reinsurance industry could face in the region of $130 billion to as much as $150 billion of losses if a really severe earthquake strikes the Tokyo region of Japan, according to Swiss Re.