March 2011
M9 Tohoku Offshore Earthquake
Aftershocks Map from USGS.gov
The following is a digest of events related to earthquakes in Japan during March 2011. Included are expert insights from EQECAT, including CatWatch Catastrophe Reports, a post event report, online briefing, and news items and resources related to the M9 Tohoku Offshore Earthquake and tsunami. Related information to help companies assess business risk as well as the latest news will be added below as it becomes available.
Contents:
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Occurring Friday March 11 (local time), the massive earthquake occurred on the Japan Trench megathrust fault, triggering ground motions felt through most of Honshu Island and up to Hokkaido and a tsunami with waves up to 23 feet high in places along the Japanese coast, and tsunami damages that extended to Hawaii and the US mainland Pacific coast.
The March 11 Tohoku Pacific Offshore Earthquake was upgraded from a magnitude 8.8 to 9.0 by the Japanese Meteorological Agency (JMA). The US Geological Survey (USGS) maintains its assessment of the event M8.9. Since the upgrade, EQECAT references the JMA measurement of M9.0.
March 16, 2011
CatWatch
Estimated Total Insured Losses at $12-25 Billion USD for M9 Tohoku Pacific Offshore Event
This earthquake is producing significant losses to the insurance industry. EQECAT estimates total insured losses at $12 - 25 billion USD.
The earthquake, upgraded from M8.9 to M9.0 by the Japan Meteorological Agency (JMA), is the most powerful to hit Japan since record keeping began. The event triggered a massive tsunami that swept away cars, structures, and ships, as well as impacting coastal towns as far across the Pacific in Northern California.
March 14, 2011
CatWatch
Hundreds of Aftershocks Following M8.9 Tohoku Pacific Offshore Earthquake
As of March 14, 2011, 15:04:13 UTC, USGS data shows 405 aftershocks, including one M7 event. Meanwhile, some seismologists are expecting another M7 event in next couple days as a result of stress realignment. View a map of the Japan Earthquake aftershocks
March 12, 2011
CatWatch
Economic Losses Likely to Exceed $100 Billion USD for M8.9 Tohoku Pacific Offshore Earthquake.
Damage from this event is focused on the prefectures of Chiba (northern), Ibaraki, Tochigi, Fukushima, Miyagi, and Iwate (southern). The city of Sendai (1 million people) experienced the worst damage. Over 12 million people (10% of the total population of Japan) have been significantly affected by this event.
Economic losses continue to rise as significant earthquake-related events develop, including damage from numerous fires, and an explosion at a nearby nuclear plant. Total economic losses will likely exceed $100 billion USD. Key components of this will be extensive property damage to residential and commercial occupancies and restoration of critical infrastructure.
March 11, 2011
CatWatch
M8.9 Earthquake Near the East Coast of Honshu, Japan
A massive, magnitude 8.9 earthquake struck the Japan Trench megathrust fault off the eastern coast of Honshu Friday, March 11 at 2:46 pm local time. The quake struck at a depth of 15 miles (25 kilometers), about 80 miles (125 kilometers) off the eastern coast. The area is 240 miles (380 kilometers) northeast of Tokyo. Twenty earthquakes of M6 or greater have occurred in the last three days, including one M7.3 on Wednesday that caused no damage.
Below are select pieces from news publications and video reporting about EQECAT's catastrophe analysis of the Tohoku Pacific Offshore Earthquake event and estimated insured and economic losses.
Tom Larsen on Bloomberg News
Insurance Losses from Japan Earthquake
March 14, 2011
Bloomberg News
Keogh Says It Will Take Months to Assess Quake Damage
William Keogh, President of Eqecat Inc., talks about the impact of the Japan earthquake on the insurance industry. Japan was struck by its strongest earthquake on record, an 8.9-magnitude temblor that shook buildings across Tokyo and unleashed a seven-meter-high tsunami that engulfed towns on the northern coast, killing thousands.
Bill Keogh on Bloomberg News
Assessing Earthquake Damage
March 22, 2011
Claims Advisor
Elemental Problems in Japan
Article written by Tom Larsen, Senior Vice President, Product Architect
"The four classical elements: air, earth, fire and water - are all embroiled in the nasty aftermath of the disaster in Japan. But there's nothing elemental about the upcoming claims."
March 16, 2011
Insurance Day
EQECAT expects insured quake loss of up to $25bn
Modelling firm EQECAT believes the insured loss from last Friday's Japanese earthquake and tsunami will be between $12bn and $25bn, with up to $4bn of this loss to be covered by the Japanese government's reinsurance programme.
March 16, 2011
Insurance Insider
EQECAT predicts Japan industry loss of $12bn-$25bn
Modelling firm EQECAT estimates that the insured loss from the Japanese earthquake will be between $12bn and $25bn. The estimate includes damage from the earthquake and ensuing tsunami and fires, as well as losses from automobiles, marine, life and personal accident insurance lines.
March 12, 2011
Reuters
Odd nature of Japan quake complicates insurance
The unprecedented nature of Friday's earthquake in Japan, plus the damage from the subsequent tsunami and fires, makes estimating insured losses especially challenging, senior executives at two top catastrophe modeling firms said on Saturday.
March 16, 2011
Artemis
Japan earthquake updates (16th March)
Coverage of Japan earthquake as it relates to the insurance industry, references EQECAT coverage of the disaster, including catastrophe bonds exposed to Japanese earthquake.
March 14, 2011
Risk Market News
Modelers Face Japanese Quake Challenges
Interview of Tom Larsen, in which Larsen explains hurdle in putting together loss estimates given the loss of Kyoshin Net (K-NET stations), the system run by the Japanese Meteorological Agency to measure earthquake ground motion in the affected region.
The earthquake south of Mount Fuji, Japan on March 15, 2011 was a separate event, not part of the aftershocks related to the Tohoku Pacific Earthquake.
March 15, 2011
CatWatch
M6.2 Earthquake South of Mt. Fuji (Japan) Triggers More Losses
A magnitude 6.2 earthquake struck south of Mt. Fuji Tuesday, March 15, 2011 at 10:31 pm (local time; 1:31 PM UK time). The quake struck at a depth of 6 miles (10 kilometers), about 70 miles (115 kilometers) southwest of the capital city Tokyo. The earthquake epicenter is reported to be at 35.3°N, 138.7°E.
Damages are expected from this event, although it is expected that the area affected will be quite small and no tsunami is expected.
March 16, 2011
POST Online
6.2m quake strikes Japan
According to EQECAT, damages are expected from this event, although it is expected that the area affected will be quite small, and no tsunami is expected.
March 15, 2011
CNBC
Eqecat sees losses from Tuesday Japan quake
"An earthquake Tuesday, about 70 miles southwest of Tokyo, caused up to $2 billion in damages and about $500 million in insured losses, catastrophe modeling company Eqecat said."
March 15, 2011
Reuters
Eqecat sees losses from Tuesday Japan quake
"Eqecat said the latest quake was on a separate fault system from last Friday's devastating earthquake. Eqecat said about half of the insured losses would probably be covered by a Japanese reinsurance pool for earthquakes."
The following earthquake resources provide valuable information for the catastrophe modeling and re/insurance industries:
Learn about temporal clustering of major earthquakes worldwide and their impact to the insurance and reinsurance industries in A.M. Best Media's interview of Paul Thenhaus. Thenhaus addresses the 2011 Tohoku, Japan earthquake in this interview.