Insurance Issues Related to Tragedy in Japan

The earthquake in Japan has devastated millions of homes and caused death tolls to rise into the tens of thousands. It will not only cost the government a large amount to repair damages, but insurers are beginning to worry as well. It is predicted that the insurance industry in japan will suffer significant loses.

Some analysts are predicting that the losses could mount up to over 35 billion dollars. These numbers are based on the insurance model surrounding an earthquake. The Tsunami that was a aftermath effect of the earthquake could pose additional insurance costs.

In addition to the insurance costs, it is likely that the economy in Japan will suffer because of the disaster. Many groups such as the American Red Cross are already starting campaigns to fundraise for the country. For people without insurance it will be extremely hard to rebuild what they have lost.

 

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