Confidence Insurers Can Absorb Losses
By Maggie Zhang |
March 15, 2011, Tuesday
|
Print Edition
Print Edition
FITCH Ratings said it believes that while last Friday's earthquake in Japan will be among the largest insured losses in history, such losses can be absorbed by the insurance and reinsurance industries without widespread solvency problems, or undue financial strain.
Due to the scale and complexity of the insured loss, it will take some time for international catastrophe modeling firms and local loss adjusters to accurately estimate insured losses.
Initial estimates from AIR Worldwide released on Saturday placed the economic loss at approximately US$100 billion and insured property losses in the range of US$15 billion to US$35 billion.
AIR added that its earthquake model for Japan doesn't include the effects of a tsunami. Last Friday's quake triggered a huge tidal wave which wiped out homes and businesses.
Lloyd's of London insurance market said it was too early to estimate its losses.
Due to the scale and complexity of the insured loss, it will take some time for international catastrophe modeling firms and local loss adjusters to accurately estimate insured losses.
Initial estimates from AIR Worldwide released on Saturday placed the economic loss at approximately US$100 billion and insured property losses in the range of US$15 billion to US$35 billion.
AIR added that its earthquake model for Japan doesn't include the effects of a tsunami. Last Friday's quake triggered a huge tidal wave which wiped out homes and businesses.
Lloyd's of London insurance market said it was too early to estimate its losses.
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