Total insured losses from the M7.5 earthquake that struck the Noto Peninsula, Japan, on 1st January are likely to fall within the range of JPY ¥ 435bn to JPY ¥ 870bn (US$3bn to US$6bn), according to estimates from Moody’s RMS.
The industry loss estimate is based on an analysis of the earthquake using Moody’s RMS Japan Earthquake and Tsunami high-definition Model and reflects property damage, contents and business interruption across residential, commercial and industrial lines and includes both private and mutual (Kyosai) markets.
The estimate includes losses from strong ground shaking, earthquake-induced fires, tsunami inundation, land sliding and liquefaction-induced ground deformation and also considers sources of post-event loss amplification and inflationary trends. It does not include losses to non-modelled exposures such as transport and utility infrastructure, government, or automobile lines.
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