From GlobeNewswire:

A massive earthquake with a magnitude of 7.5 struck near the Noto peninsula in Japan on January 1, 2024. This event, caused by shallow reverse faulting in the Earth’s crust, caused enormous damage across an extensive area. According to Verisk, insured losses to properties are estimated to be between JPY 260 billion (USD 1.8 billion) and JPY 480 billion (USD 3.3 billion). While most of the heavy damage occurred in Ishikawa prefecture, other areas such as Niigata and Toyama also experienced damage from ground shaking and liquefaction, and tsunami waves of over one meter inundated many buildings along the shore. Despite advanced building codes in Japan, the region saw significant destruction, prompting the need for extensive aid and relief efforts.



Read more: Verisk Estimates Industry Insured Losses for the Noto