Munich Re, another major re-insurer, felt that it would take some considerable time to determine even approximately the overall economic loss as well as the loss amounts payable by individual reinsurers such as Munich Re felt in view of the complexity and severity of this particular event. “At this time, our thoughts and sympathy are with the Japanese people, who have experienced untold suffering through this natural catastrophe,” a release at the Munich Re website quoted CEO Nikolaus von Bomhard as saying.
“Given that the present situation is not entirely clear and continually changing, it is far too early at this stage to issue an estimate of economic and insured losses. In connection with earthquake covers, it is a fact that in Japanese personal lines business only a small portion of the risk is transferred to other countries. It is also expected that any impact due to major accidents in Japanese nuclear power plants will not significantly affect the private insurance industry,” says the release.