US tornados top US$1billion – Minor damage only from latest Japanese earthquake

The latest figures coming through from the US state that the losses from the series of tornados that hit over late February and early March 2012 will top US$1 billion.

This means that insurers and reinsurers in the property space have not had any let up with losses.

On a happier note there appears to have been no reported loss of life while damage from the latest Japanese earthquake appears minor. The latest reports indicate the quake had a magnitude of 5.5 at a depth of 10 km.

With so many earthquakes in the past, most Japanese buildings are constructed to withstand this level of earthquake.

These events continue to remind us that everyone needs to consider their business continuity management plan and both their property and business interruption insurance covers.

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