A strong and shallow earthquake occurred on Kyushu, the most southwesterly of Japan’s four main islands on April 14. The quake struck at 9:26 p.m. (local time) at a depth of approximately 11 km near Kumamoto, Japan’s 17th largest city, with a population of 700’000.
At least nine people were killed and several hundred injured. Initial reports suggest moderate to severe structural damage to predominantly residential buildings in a localised area near the epicenter. To date it appears that commercial and industrial property damage was only very limited. Construction codes in Japan are rigid and strictly enforced, but older buildings are still vulnerable to earthquakes.
Based on Twelve Capital’s preliminary assessment they feel it is unlikely that losses from this event will affect any of their transactions (neither Cat Bonds nor Private ILS).
They will continue to monitor the situation very closely and will provide further updates in case there are significant changes.
If you have any questions, please do not hesitate to contact us.
Phone: +43 1 888 60 69