World Bank estimates insured losses of between $14bn and $33bn

More than 830 aftershocks followed Japan’s 11 March earthquake causing damage to at least 203,000 homes, according to Aon Benfield.

According to the broker's report, the World Bank has estimated insured losses of between $14bn and $33bn, while Japan’s government has estimated total economic losses of between $198bn and $309bn.

Tsunami waves from the Japan earthquake crossed the Pacific Ocean and caused a combined $88.4m in damage to coastal locations of Hawaii and California in the U.S. Additional tsunami damage to more than 500 homes was recorded in Peru and Chile.

Other natural catastrophes in March included:

  • In China, a magnitude-5.4 earthquake struck regions in the southwest, killing at least 26 people and injuring 313 others. According to officials from the Ministry of Civil Affairs, the tremor damaged or destroyed at least 68,000 homes in Yingjiang County, and the Chinese government has allocated $16m for relief and recovery costs.
  • Myanmar recorded a magnitude-6.8 earthquake that killed at least 75 people. Myanmar’s official state media reported that at least 3,152 homes, 31 religious buildings, nine government buildings and a hospital were destroyed, with total economic losses listed at $3.6 million.
  • The US was affected by several severe weather events during March, the first of which resulted in 20,000 insurance claims in the Southeast and the Mississippi Valley with payouts exceeding $120 million.