Insurance and reinsurance companies to feel impact of Japan earthquake
Munich Re, the world’s largest reinsurer, estimated the company’s claims from the earthquake and tsunami in Japan will reach around EUR1.5 billion (Bloomberg, 23-Mar-2011). Eqecat has estimated that insurers and reinsurers would likely have losses of USD12 billion to USD25 billion from the Japan earthquake and tsunami. Modeler AIR Worldwide had estimated losses of as much as JPY2.8 trillion (USD35 billion) from the quake alone. Swiss Reinsurance Co, the world’s second-largest reinsurer, estimated it would face claims of around USD1.2 billion. Scor SE, the world’s sixth-largest reinsurer, stated its claims would be less than EUR185 million.