Expert Witness Blog
Insurance claims expert witnesses may write reports and testify on property insurance, insurance regulations, and related topics. Recently, Business Insurance reported:
Japanese insurers have paid almost $2.27 billion to cover approximately 125,000 claims associated with earthquake damage to personal dwellings stemming from the March 11 tsunami and earthquake that devastated Japan. According to the General Insurance Association of Japan (GIAJ), the number of claims is expected to increase as efforts continue to restore heavily damaged areas of the country.
Coverage for dwelling claims, which have accounted for a large portion of Japan’s earthquake and tsunami-related claims thus far, are reinsured exclusively by the Japanese government. For this reason, foreign reinsurers will experience little if any exposure to these particular claims. The total insured property losses from the Japan earthquake and tsunami have so far been estimated at between $18 billion and $26 billion.
Read more: insurereinsure.com.