The recent Tohoku earthquake and tsunami disaster in Japan cost Munich Re around €1.5 billion but the spectre of another earthquake occurring in Japan, even under Tokyo itself, is not their biggest fear according to an interview in German newspaper Handelsblatt with Munich Re board member Ludger Arnoldussen.
Mr Arnoldussen explained that a quake in Tokyo would cost them more than €2 billion but that Japanese quake perils are not their top disaster risk. He also said that the likelihood (or risk) of a quake occurring there had not gone up since the recent disaster as major quakes rarely strike so close together.
Their most extreme losses, he explained, would come from the most extreme scenarios of a European winter storm or U.S. hurricane. These events could cost Munich Re around €3 billion each.
You can read the interview here (translated through Google Translate).