Moody’s RMS estimates Japan quake losses up to $6bn
Moody’s RMS estimates that insured losses from the earthquake that struck the Noto Peninsula in Japan on 1 January will range between $3bn and $6bn.
The figure covers damage to property, contents and business interruption across residential, commercial and industrial lines. It includes both private and mutual insurance markets.
Verisk previously placed property losses between $1.8bn and $3.3bn. Karen Clark & Company estimated losses of $6.4bn from the quake.
The earthquake was felt widely across Ishikawa, Toyama, and Niigata prefectures. So far, more than 3,500 properties have been reported damaged but this number is expected to rise significantly as assessments continue, said Moody’s RMS.
The quake generated a localised tsunami that impacted the west coast of Japan. The cities of Noto and Suzu were the worst impacted. A maximum tsunami wave height of 1.2 meters was recorded near Wajima, Ishikawa Prefecture.
