NEW YORK/LONDON - this week in Japan earthquake on insured losses of nearly $35 billion, could risk modeling firm AIR worldwide said, making it one of the most expensive disasters in history.
This number is almost as much as the entire global catastrophe loss of the global insurance industry in the year 2010, and could be the triggering event, the higher prices in the insurance market after years forcing falling.
AIR said its loss estimate offer $14.5 billion on 34.6 billion $ was. Which is based on a number of 1.2 trillion yen to 2.8 trillion yen, converted with 81.85 yen per dollar.
The company shows show the estimate was preliminary, and it was said that his models to do not factor in the impact of the tsunami, the earthquake or potential loss of nuclear damage followed.
AIR pointed out that, in some cases, buildings are by the 8, 9-earthquake damage and were swept then by the flood then precise count difficult make.
There are also questions about the leaks to the nuclear reactors Fukushima stay cost of clean-Up and long-term monitoring explosions and radiation. Such reactors in the General insurance policy which excludes earthquake damage, and many Japanese House and apartment owners have nuclear exclusions in their own policy.
This is probably a liability of the operator and the Government and minimizing the impact on the insurance industry itself.
At the top of the range, this Temblor will go down as the most expensive earthquake in modern history of insured losses, exceeds the roughly 15 billion dollars by far losses of the 1994 Northridge earthquake in California.
All disasters since 1970 it would USD as the second most expensive behind Hurricane Katrina rank.
Also, it may be enough to, for years, price declines in the global insurance and reinsurance intermediaries real estate markets, are that awash are disasters in excess capital after a lack of major hurricane in recent times.
This year said, analysts and brokers that it would take $50 billion to reduce the price declines in the market for a year an event.
Since January 1 has the industry at least $10 billion losses from an earthquake in New Zealand, still-untold losses from Australian floods and an estimated $ 8 billion to $10 billion faced losses of unrest in the Middle East.
Cumulatively, may be some such as standard & poor's losses believe enough to trigger long-awaited "hard market" in which insurers again have pricing power.
Copyright 2011 Thomson Reuters.
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