RMS: Kumamoto earthquake's insured losses may amount to USD1.2 billion

Insured losses for the moment magnitude (Mw) 7.0 earthquake in Japan's Kumamoto Prefecture on April 15 may reach between USD800 million and USD1.2 billion, according to RMS estimations. The RMS insurance loss estimate is based on assumed insurance penetration rates and includes insured physical damage to property due to ground-shaking, fire following earthquake and liquefaction.

RMS has also updated its economic damage estimate for the April 15 Mw7.0 Japan earthquake and the earlier April 14 Mw6.4 earthquake to between USD5.5 and USD 7.5 billion.

Renee LEE, senior earthquake engineer at RMS, said: "The updated economic damage estimate reflects the evolution of the building damage statistics from the April 14 and 15 events, detailed data gathered through reconnaissance by RMS engineers and scientists, and revisions to the US Geological Survey ShakeMap. Our understanding of the events in Kumamoto takes into account this new information." 

The RMS economic and industry damage estimates do not include business interruption or alternative living expense impacts, damage to infrastructure, damage to Kumamoto Castle, land damage, workers' compensation, post-event loss amplification such as economic demand surge and price increases, marine and cargo assets, or auto.

RMS is a global catastrophe risk management firm. Its models and software help financial institutions and public agencies evaluate and manage catastrophe risks throughout the world, promoting resilient societies and a sustainable global economy.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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