Having previously explained that the Magnitude 7.0 earthquake that struck off the coast of the Fukushima region of Japan on February 13th 2021 was likely to be a billion dollar event, CRESTA has now estimated the industry loss from the quake at US $2.63 billion.
That’s significantly higher than the latest figure from the General Insurance Association of Japan, which recently said that claims paid by member companies of the GIAJ and the Foreign Non-Life Insurance Association of Japan, as of May 14th, had reached just above US $1.62 billion.
