NU Online News Service, March 10, 12:18 p.m. EST
A magnitude 9.1 earthquake (revised from 8.9) hit off the east coast of Honshu, Japan at about 2:45 p.m. local time, and independent reinsurance brokerage firm Holborn said the economic loss from the earthquake in Japan will be twice that of last year’s quake in Chile.
“Most reinsurers will report a loss this quarter, and we now expect that many will have full-year loss for 2011,” Holborn said.
The quake's epicenter was about 235 miles from Tokyo but just 80 miles from the city of Sendai with a population of 1 million. Holborn reported that 200 people have died in Sendai and many are lost as a result of a huge tsunami that followed the earthquake and covered hundreds of miles, picking up cars, planes boats, and debris with its current.
A widespread tsunami alert is affect across the Pacific Ocean. Advisories are in effect for Alaska and the U.S. West Coast. Hawaii seems to have avoided major damage, according to reports. Residents of California are evacuating.
Holborn said building codes and a national program for residential earthquake loss are “excellent,” but “there will be major losses on fire, flood, commercial, marine, auto, [workers compensation] and life coverages.”
The national earthquake program buys some external reinsurance and local reinsurance programs are “large and well-syndicated across most of the worldwide catastrophe markets,” Holborn said. Many multi-national companies have operations in Japan.
Modeler Risk Management Solutions said the earthquake follows a series of strong earthquakes that have occurred in the region and numerous aftershocks have hit the region following this latest earthquake, including 10 with a magnitude greater than 6.0.
On March 9, RMS released commentary on a magnitude 7.2 earthquake off the coast of Honshu. Waves from the quake affected the coast but there were no reports of damage from the shaking or waves.
Videos below detail the destruction in progress, as well as the amplitude of the waves generated after the earthquake took place.
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