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Insurers cover Japan quake dammage and losses

"Japan’s devastating earth quake will result in losses that will rank among the largest in history for insurance and reinsurance companies worldwide, two major rating agencies said Monday.

However, Moody’s Investors Service Inc. and Fitch Ratings added that time is still needed to assess the full extent of Friday’s natural disaster.

"Estimating claims will be a protracted process, as the size and scope of the event will place significant strain on insurers’ claims adjustment resources," the Moody’s report said, adding subsequent aftershocks in the weeks ahead could cause additional losses.

Fitch said it doesn’t expect any major ratings downgrades for insurance and reinsurance companies, as these industries should be able to absorb losses without widespread solvency problems or undue financial strain." source Wall Street journal March 14th 2011.

Without insurance, such natural disasters would destroy whole hundreds of thousands of businesses and ruin their owners and employees. Spreading the risk is indeed the best method to survice future disasters.

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