Japan earthquake estimated to cost insurers $6.4b; death toll nears 100

Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from US-based catastrophe modeling firm Karen Clark & Co (KCC).
Losses from residential properties account for more than two thirds of the total, according to KCC, as most commercial and industrial buildings in the affected cities are more seismic-resistant because of their predominantly steel construction.
The quake struck western Japan’s Noto peninsula on the afternoon of New Year’s Day, flattening homes, triggering a tsunami and cutting off remote communities.
The death toll from the disaster is nearing 100, and the United States said on Friday it is preparing military logistical support and aid.
“The US is here to support our friend and ally in its earthquake response. Military logistical support, food, and other supplies are being readied,” US ambassador to Japan Rahm Emanuel posted on social media site X.
Japan is in talks with the US about emergency assistance and rejected offers for help from other countries including China for the time being.
“We are not accepting any personnel or material aid from other countries or regions at the moment given the situation on the ground and the effort that would be required to receive them,” Japan’s top spokesperson Yoshimasa Hayashi said.
About 54,000 US forces personnel are based in Japan, the biggest US military presence abroad, according to the Chicago Council on Global Affairs.
US armed forces were deeply involved in disaster relief efforts in the 2011 earthquake, providing over 24,000 personnel with 24 ships and 189 aircraft. They also provided earthquake aid in Kyushu island in 2016.
“All of US Forces Japan remain ready to support our Japanese Allies during this difficult time. We are unable to provide specifics on military support operations at this time, but we will provide updates when we have more that we can share,” the US Forces in Japan said in a statement.
MORE THAN 100 TRAPPED
The 7.6 magnitude quake struck western Japan’s Noto peninsula on the afternoon of New Year’s Day, flattening homes, triggering a tsunami and cutting off remote communities.
As the emergency response moved from rescue to aid and recovery, Japanese Prime Minister Fumio Kishida said there were offers for help and messages of condolence from governments including Taiwan and China.
The full extent of the damage remains unclear, with rescue teams struggling to reach remote areas due to severed roads and broken infrastructure.
But with more than 200 people missing, the disaster is likely deadlier than the 2016 earthquake and could be the worst since a massive earthquake and tsunami struck the east coast of Japan in 2011.
Shigeru Sakaguchi, the mayor of badly-hit Wajima city, said there are likely more than 100 people still trapped under collapsed buildings and rubble, according to the Mainichi newspaper.
The US will provide a $100,000 aid package that includes resources such as blankets, water, and medical supplies, according to a statement released by its embassy in Japan.
Volunteers such as Aydin Muhammet, who is usually based in Nagoya, are also heading into areas wrecked by the tremor to give whatever aid they can provide.
“You can’t turn a blind eye after seeing that … I felt like I had to go, I just had to do something,” he said.
TSUNAMI DAMAGE
At least 120 hectares (296 acres) of land also appears to be flooded from a tsunami triggered by the earthquake, according to Japan’s land ministry.