Turmoil in Japan and Insurance

The earthquake in Japan had a devastating effect on the country and its people. The following tsunami only increased the devastation and made it more widespread. A large part of the Western United States, including Hawaii, has experienced a large amount of problems brought on by the tsunami’s waves.

It is estimated that the cost for the damage across the west coast will be around 50 thousand dollars. In Hawaii it is estimated that state owned property will have a cost of over three million and that is not including any privately owned property. Many harbors and boats were destroyed as well as homes and hotels being flooded.

Both California and Oregon also suffered damages. The amount of insurance that will be necessary to cover the problems is likely to reach the tens of millions. In addition to the loss the insurance companies will see, personal property that was not insured will have an effect on local economy.