BOSTON, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The Extreme Event Solutions business
unit of Verisk (Nasdaq: VRSK), a leading global data analytics and technology
provider, estimates that insured losses to properties from the January 1 M7.5
(per the United States Geological Survey) earthquake that struck near the Noto
peninsula in Ishikawa prefecture, Japan, will be between JPY 260 billion (USD
1.8 billion) and JPY 480 billion (USD 3.3 billion).
Event Summary
Per the United States Geological Survey (USGS), the January 1, 2024, M7.5
earthquake on the west coast of Japan occurred due to shallow reverse faulting
in the Earth's crust. Japan is a seismically active region with most earthquakes
occurring off the east coast, where the Pacific plate subducts beneath Japan.
This earthquake occurred on the west coast of Japan, where crustal deformation
created by the broader plate motions is accommodated in shallow faults.
According to Verisk, shallow earthquakes cause more damage than intermediate-
and deep-focus ones since the energy generated by shallow events is released
closer to the surface and therefore produces stronger shaking relative to
earthquakes located deeper within the Earth. This coastal earthquake produced
strong shaking on land and generated a tsunami.
The USGS has also noted that while earthquakes are common in Japan, the region
surrounding the Noto Peninsula earthquake sees lower rates of seismicity as
compared to the major subduction zone along its east coast. Still, since
1900, 30 other M6 and larger earthquakes have occurred within 250 km of the
January 1 event.
Hazard and Damage Observations
The Noto Peninsula earthquake caused damage across an extensive area around and
south of the epicenter. While most of heavy damage occurred in Ishikawa
prefecture and in particular Wajima city including a large fire, damage from
ground shaking and liquefaction was observed in other prefectures such as
Niigata and Toyama. Tsunami waves of over one meter inundated many buildings
along the shore, especially in Wajima, Suzu, and Noto.
Building codes in Japan are among the most advanced in the world and have been
adopted and practiced well since 1981. In the areas impacted by 2024 Noto
Peninsula earthquake, seismic code requirements are higher than those in the
southern part of Japan.
Verisk's modeled insured loss estimates do not consider:

  * Losses to uninsured properties
  * Losses to land
  * Losses to infrastructure
  * Losses to automobiles
  * Business interruption losses, both direct and indirect
  * Workers' compensation losses
  * Losses to civil engineering (railway) risks, marine cargo and marine hull
    risks, aviation risks
  * Risks, Transit warehouse risks, movable all risk, and personal accident
    risks
  * Loss adjustment expenses
  * Losses from non-modeled perils, such as landslide

* Demand surge: the increase in costs of materials, services, and labor due to

    increased demand following a catastrophic event
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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology
partner to the global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes, combat fraud and
make informed decisions about global risks, including climate change, extreme
events, ESG and political issues. Through advanced data analytics, software,
scientific research and deep industry knowledge, Verisk helps build global
resilience for individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification by Great Place to
Work (https://www.greatplacetowork.com/certified-company/1288593) and fosters
an inclusive culture (https://www.verisk.com/about/inclusion-diversity-
belonging/) where all team members feel they belong. For more, visit Verisk.com
(https://www.verisk.com/) and the Verisk Newsroom
(https://www.verisk.com/newsroom/).
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