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BOSTON—AIR Worldwide Corp. has narrowed its estimate of insured property losses in disaster-stricken Japan to $20 billion to $30 billion, the catastrophe modeler said Thursday.
AIR Worldwide’s initial insured loss estimate ranged from $15 billion to $35 billion in the March 11 disaster.
Since then, the Boston-based company said in a statement that its researchers have analyzed ground-motion data and satellite imagery to estimate the footprint of the tsunami that resulted from the earthquake and re-evaluate its estimate.
“By independently estimating the loss due to the tsunami, the combined loss estimate avoids double-counting in the affected areas,” AIR Worldwide said in a statement.
The quake and tsunami left thousands dead and hundreds of thousands homeless. Meanwhile, the damage it caused to nuclear reactors continues to raise issues such as how radioactivity might affect exported goods and individual health in the region.
Another catastrophe modeler, EQECAT Inc., earlier estimated insured property losses at $12 billion to $25 billion.
Oakland, Calif.-based EQECAT’s analysis broke down losses by line of business, saying it “encompasses the effects of earthquake shaking, ensuing tsunami and fires, and losses to automobiles, marine, life and personal accident lines.”
SENDAI, Japan (Reuters)—Last week's earthquake in Japan could lead to insured losses of nearly $35 billion, risk modeling company AIR Worldwide Corp. said, making it one of the most expensive catastrophes in history.