On March 11, 2011, a magnitude 9.0 earthquake struck the northeast coast of Honshu, Japan. The earthquake was among the five strongest ever recorded, resulting in one of the largest and most destructive tsunamis in history. This disaster has resulted in more than 23,000 fatalities, the destruction of thousands of homes, automobiles and ships, and damage to infrastructure and commercial and industrial establishments. One major casualty was Fukushima Nuclear Plant No. 1, which has now been categorized as a nuclear incident at the same level as Chernobyl. The total economic loss is estimated between $100–$300 billion. The insured losses could range between $12 and $45 billion. The result of this natural disaster and the resulting nuclear accident have serious global economic implications, particularly with regard to the global insurance industry.
Please join us for a 60-minute webinar in which Mayer Brown partners Tow Lim, Andrew McGahey, Bronwyn Pollock, and Cliff Schoenberg will be joined by Warren R. Isom, Executive Vice President at Willis Re Inc., to discuss the Japanese earthquake’s effects on the insurance industry. The webinar will cover the following topics:
- Global Ramifications on the Insurance Industry
- Specific Coverages Implicated by Tsunami- and Earthquake-Related Losses
- Tips for Insurers In Assessing Whether Losses Are Covered
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