The earthquake in Japan could cause higher prices in the insurance market according to an analysis released by AIR Worldwide. The insurance cost of the quake totaled almost as much as the entire worldwide catastrophe loss for the global insurance industry in 2010. Property losses alone are estimated at nearly $35 billion.
This assumption is supported by a report released by Standard and Poor's which stated that worldwide catastrophic events in 2011 may drain enough of the excess capital in the reinsurance and insurance markets to "spark a tightening of premium rates for many types of coverage."
Less than 50% of Japan's insureds have earthquake insurance. Many small to medium-sized businesses are completely uninsured. Ultimately the insured losses will depend on the layers of the complicated Japanese market. Residential earthquake risk is covered by government reinsurance, but commercial risks are not (Moody's).
Japan's domestic insurance and reinsurance markets will carry the brunt of the losses, with economic losses that will likely exceed $100 billion. Insured losses from the disaster are estimated to be between $12 billion and $25 billion (EQECAT).
Monday, March 21, 2011
Thursday, March 17, 2011
Bowling for a Good Cause!
Corinn, Kris, Sophie and Roxanne of The Unity Group will be participating in the Junior Achievement's Bowling Classic on Saturday May 14th. This fundraiser is held each year and raises money to support JA's educational programs focused on entrepreneurship, business and financial literacy.Interested in participating or donating? Visit www.jawashington.org.
You can also sponsor one of our bowlers! Click on the names below to be directed to their individual donation pages:
JA brings the real world to students, opening their minds to their potential and preparing them for the world of work reaching students in Kindergarten through 12th grade.
Subscribe to:
Posts (Atom)