Japan Earthquake will not trigger hard market, says Willis Re

Members of Virginia Task Force 1 from the Fairfax County Fire and Rescue Department search for survivors in Ofunato Japan following an earthquake and subsequent tsunami

Relatively orderly price movements at the 1 April Japanese reinsurance renewals have indicated that the Tohoku Earthquake is not the catalyst that will bring about a hard market, according to Willis Re.

However, the reinsurance broking arm of Willis Group Holdings said the total tally of first quarter devastation including the Japan, Chile and New Zealand earthquakes and the Australian floods, has significantly accelerated the likelihood of a market-wide turn should reinsurers be tested again this year.

Titled Shaken and Stirring, the Willis Re 1st View Renewals Report found that while there have been rate increases on Natural Catastrophe Excess of Loss of between 5% and 50%, the Tohoku and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

GIC completes Miller deal

Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: