NEW YORK - Insurance companies will pay billions as Japan rebuilds itself following the largest earthquake recorded in Japanese history. Losses from the earthquake and tsunami in Japan, could be higher than $35 billion.AIR Worldwide, a Boston-based specialist calculated damage between $15 and $35 billion but it did not factor in the affects of the tsunami. This could be the second largest insured even in world history; the largest was Hurricane Katrina in 2005 estimated to have cost $62.2 billion.
Aflac, based in Columbus, Ga., said only 5% if its business in Japan is in the hardest hit area. The Lloyd's of London said it was to early to estimate the damages. Prudential Financial is the 5th biggest insurer in Japan with 8% of the market share, but it is unsure how much of the damages they will need to pay for.
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