Nonetheless, insurers covering all types of losses in Japan will be shelling out big bucks, nearly $35 billion, according to a Reuters report on Sunday, making it one of the most expensive catastrophes in history, even without additional tsunami losses factored in.
That figure is nearly as much as the entire worldwide catastrophe loss for the global insurance industry in 2010 and could be an event that forces steeper prices in the insurance market after years of declines, reported the wire service.
Progressive , which issued net premiums of $1.129 million in its February earningsreport on Wednesday, doesn’t insure in Japan. The company has dealt with claims involving major natural disasters, including earthquakes in California and hurricanes Katrina and Andrew.