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RMS Estimates Industry Loss from Kumamoto Japan Earthquakes Will Range Between 800 Million and 1.2 Billion USD
NEWARK, Calif. -
May 11, 2016 -
RMS, a global catastrophe risk management firm, estimates that insured losses for the moment magnitude (Mw) 7.0 earthquake in Japan’s Kumamoto Prefecture on April 15 to be between US$800 million and $1.2 billion. 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 US$5.5 and $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.
Note for editors
RMS released its insured loss estimate and revised economic damage estimate to its clients on May 3.
RMS 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.
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