Market participants seek to address earthquake model blind spots
Recent earthquakes in New Zealand and Japan have woken up many insurers to the potential for unexpected losses from secondary agents following catastrophes. Thomas Whittaker reports
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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
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