The 8.9-magnitude quake that hit Japan today killed hundreds and caused a 33-foot tsunami, which triggered warnings in coastal areas through Central and South America as well as the western rim of the Pacific. The effects of the tsunami have yet to be measured from an insurance risk perspective.
"Since most of the re-insurance treaties in India are due for renewal in April, there may be some impact on the premium rates, especially for the catastrophic cover,"
Although reinsurers will cover the majority of the losses, risk management experts say global insurers also will feel the effects. Since early 2011, insurers’ exposure to loss has been widespread, with floods in Australia and storms in the United States. According to
"The Japanese earthquake or tsunami will have an effect on the [insurance] market but only next year from a rate perspective," Bharti AXA General Insurance CEO & MD Amarnath Ananthanarayanan said.
According to the
AIR Worldwide said it would issue an insured loss estimate for the industry as soon as late Friday.