New Japan Earthquake Science Rattles Insurance Industry
The 2011 magnitude 9.0 Tōhoku-oki earthquake was the fourth-largest and most costly earthquake event ever recorded, with estimated economic losses of $210 billion (2011 USD). Although Japan’s population has a high degree of awareness and preparedness for earthquake risk, large earthquakes and their resulting perils represent a grave risk to life, economy, insurers and insureds.
With the latest view of science and a 300,000 year simulation, the CoreLogic® Japan Earthquake Model is able to capture differences in scientific opinion and observed clustering behavior. This provides a robust, fully defensible, and region-specific hazard and view of risk, reflecting the needs of the re/insurance industry to understand and support insureds effectively from one of the key catastrophe perils of the world.
Risk Resource Center
The CoreLogic view of risk incorporates the latest view of science based on 2019 HERP-ERC government model to create a custom view of risk.
PODCAST: Great Kanto & Today’s Japanese Earthquake Risk
Listen in on David Gregory, global earthquake product manager, and Maiclaire Bolton Smith, seismologist.Listen to Podcast
Manage Your Risk Your Way
CoreLogic understands the challenges re/insurers face when assessing Japanese earthquake risk. Closed platforms make it costly to maintain modeling platforms, and disjointed data makes it hard for the industry to confidently assess one of the world’s riskiest perils.
Our scientists, with decades of combined experience building industry-leading models listened. The Japan Earthquake Model can be consumed in multiple ways, including an open industry-funded platform that’s accessible to everyone.
Covers all 47 prefectures in Japan for a complete view of risk
Covers the associated perils of tsunami, fire following and sprinkler leakage
Based on 30+ years of seismic studies and firsthand observation of 90+ earthquakes worldwide
Vulnerability calibrated against Tōhoku-oki (2011), Geiyo (2001), Tottori (2000) and Kobe (1995) claims
Custom time-dependency and cluster models have been implemented on the Nankai megathrust which drives the majority of Japan earthquake risk
Smart Defaults are based on high-resolution and detailed understanding of building inventory and engineering knowledge; they are produced using local resources and are enhanced by our data analytics capabilities
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