Lo26 estimates as high as US $ 40 billion insurance industry orders most expensive earthquake

By the afternoon of March 11 Japan 9 effect of earthquake and tsunami, including Munich Reinsurance (MunichRe, hereinafter referred to as "Mu"), Switzerland reinsurance (SwissRe, hereinafter referred to as "Swiss"), European reinsurers, stock prices crashed on the day falling, while the United States insurance carriers share price is down again. Because the situation is still evolving, currently on the market of insurance indemnities preliminary estimated between us $ 10 billion to 40 billion. Japan's reinsurance contracts renewed in April 1, catalyzed by huge earthquake damages, reinsurance market price has no suspense. 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In September last year New Zealand earthquake, and in December last year and January this year of Australia after the flood, the Japan earthquake compounded by global insurance industry. No matter what a catastrophe occurs, as the final insurer, reinsurance will be one of the most important pay, so its directly in most of the capital market. On Friday, the MU dropped 5.4% again, to 110.4 euros (about US $ 152.57). Just a few ten minutes ago, United States International Group (AIG) 1.6% decrease in the share price on the New York Stock Exchange. International insurance analysts predict Japan earthquake impact insurance industry may have to pay about US $ 10 billion in claims payments this amount all-time second level, second only to the 1994 United States US $ 15.3 billion in Northridge earthquake. But a foreign insurance intermediary who forecast in Beijing, the insurance will be Japan earthquake insurance amount paid at least 1 trillion to 3 trillion yen, equivalent to 12 billion to $ 37 billion. This interval is similar to several estimates. As of 13th, according to Reuters, AIRWorldwide company assess disaster forecasting, Japan earthquake has been property of the insured losses of us $ 14.5 billion to us $ 34.6 billion. "Location does not occur in the industry, but this is still a huge disaster, estimating how much it is too early now. "Yi-an energy and building insurance maidongni, Regional Director of the Asian Group, told reporters. Maidongni view, Japan earthquake implicated many insurance companies, and involved more in the reinsurance market. "It is clear these huge losses involve insurance. "Maidongni said he also expected insurance rates may rise again. But the Swiss then and admire two large reinsurers are on their own to comment on the insurance business may not be affected. Japan earthquake insurance system as far as Japan media coverage, following Japan after an insurance company announced that the exemption clauses of the contract, Japan the major insurance companies have been indicating that the same measures will be taken to tide over. At present, including Japan first, the Sun life insurance, life insurance companies show that insurance will pay in full to the disaster relief to simplify the declaration procedure, a maximum of 6 months to complete payment. Members of the insurance industry told reporters, because Japan is an earthquake-prone countries, so Japan has special earthquake insurance, in a large part of property insurance is earthquake insurance, is almost seismic danger and most developed countries in the world. In 1966, the Japan Government formulated the "Japan earthquake reinsurance" scheme (JER) and modified several times thereafter. Under the plan, when people buy housing fire insurance, you can choose to buy earthquake insurance, earthquake insurance insurance is between comprehensive insurance 30%-room, at the same time also provide for the amount of damage an earthquake exceeds a certain limit, reduction of insurance benefits. "Japan casualty mainly of fire danger, there is a higher amount of compensation, there is corresponding lower some of earthquake insurance, insurance coverage can be either commercial houses can also be a private house. "The people. And earthquake insurance rates are based on the insured the buildings and structures, such as the location decision. Japan's insurance companies and relevant research institutions through the Japan study on earthquake damage of earthquake occurrence and characteristics analysis of, depending on the size seismic risk, Japan is divided into 4 levels, and established in accordance with this level of seismic basic premium rates. Worth mentioning is, according to Japan's earthquake insurance, private insurance after the residential earthquake insurance, then to the State professional earthquake reinsurance Japan earthquake reinsurance (JAPANEARTHQUAKEREINSRUANCECOMPANY,JER) underwriting, and JRE in excess of loss reinsurance way retrocession to Japan Government, Japan Government each year to give JRE maximum levels of compensation of up to 4.5 trillion yen. Above persons describes, Japan of insurance market comparison mature, history Shang also some earthquake, nuclear power plant established of when has security protection measures, will under risk judgment of high and low, determine insurance range and rates, "but this disaster description, in giant disaster before many facilities are no play role, future members on earthquake will has new of judgment, then insurance of rates will rise, protection range also will changes. "Japan is reinsurance contract renewed on April 1, now that terms should be drawing to a close to the negotiations, the earthquake is likely to occur as reinsurance contracts increase the workload of the negotiations. In his view, most insurance companies will be based on the model after the disaster analysis tools, determine whether the claims reserve adequacy as soon as possible, and to field surveys and payment as soon as possible.