The estimated damage costs of the Japanese disaster have been raised to $309 billion, according to Kyodo News. That means the Japan quake will cost more than twice as much as the Kobe earthquake, which cost 9.6 trillion yen ($119 billion).
While at first it was believed insurers would take a huge hit as a result of the extensive damages, two recent reports from Societe Generale would suggest otherwise.
- For Munich Re, losses are only expected to hit 2.6% of the company’s public equity; the stock has dropped 10% since the event.
- For Hannover Re, the disaster will cost the firm €250 million, or 5.5% of the company’s public equity.