Market participants seek to address earthquake model blind spots

Blind spots

earthquake

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On March 11 last year, a 9.0 magnitude earthquake struck Japan. The quake, claimed to be the most powerful in modern times, was catastrophic for the country as a whole but also for (re)insurers throughout the world. The economic losses from the earthquake were estimated at between $210 billion (£130 billion) and $300 billion, making it the most costly natural catastrophe of all time, according to Swiss Re, while preliminary estimates put insured los