Property damage from Japan's deadly earthquake and tsunami Friday could top $34 billion, according to initial estimates from AIR Worldwide. It was the most powerful earthquake to hit Japan since records began in the 19th century, and the fifth largest quake anywhere in the world in 110 years.
According to the United Nations Office for the Coordination of Humanitarian Affairs, some 1,200 buildings were destroyed. AIR has estimated the insured property losses at between $14.6 billion and $34 billion.
Comparisons are being drawn between Friday's quake and the 6.8 magnitude earthquake that hit the Japanese city of Kobe in January 1995. Some 6,500 people died in that disaster, which caused $122 billion in property damage.
The risk of earthquake in the United States is high in many regions. Find solutions to help protect your property with help from the Insurance Institute for Business & Home Safety at www.DisasterSafety.org/earthquake.
Comments