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Japan's insurers will withstand this latest shock

Tuesday's magnitude-7.4 earthquake off the coast of Japan's Fukushima prefecture could hardly have come at a worse time for the nation's insurers.

By David Fickling, Bloomberg | Updated on November 22, 2016
Workers look at a floodgate under construction after tsunami warning was lifted, in Iwaki, Fukushima prefecture, northeastern Japan, Tuesday, Nov. 22, 2016. (AP Photo/Shizuo Kambayashi)

(Bloomberg Gadfly) – Tuesday’s magnitude-7.4 earthquake off the coast of Japan’s Fukushima prefecture could hardly have come at a worse time for the nation’s insurers.

April’s Kumamoto tremor is already the country’s second-most costly on record. Some 329 billion yen ($3 billion) in claims had been paid by late June, a figure likely to rise further as more cases are resolved. Such disasters have a long tail of costs: Five years after the country’s most expensive temblor, Japan Earthquake Reinsurance Co. paid some 5.25 billion yen of claims last fiscal year related to the 2011 Tohoku earthquake.

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