Japan’s insurance market leaves big gaps!!!!!!!!

Eqecat, a catastrophe-modeling firm, estimated Wednesday that the quake may trigger $12 billion to $25 billion of insured losses. Read about the latest tallies by the insurance industry.

Earlier in the week, Eqecat put the total economic cost of the disaster at $100 billion. The ultimate impact may be closer to $190 billion, according to Barclays Capital. See story on the economic impact here.

JAPAN IN CRISIS | MarketWatch Topic: Disasters
 
Japan's tragedy in 60 seconds: A week of devastation compressed into a single minute. 

Japan takes ‘first step’
to stem nuclear threat
Officials say they have taken a “good first step” to avert a full-scale nuclear calamity in Fukushima.
• Obama: Harmful radiation not likely in U.S. 
• Japan drops water on nuclear plant 
• No danger seen to U.S. from nuclear crisis

Quake cluster feared
Most experts believe giant earthquakes strike randomly. But others see linkage among them.

NEWS ANALYSIS AND MARKET REACTION
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• Disaster in Japan: Breaking News Blog

After natural disasters struck other countries in recent years, insurers have covered much bigger portions of total losses.

Hurricane Katrina, which struck the U.S. in 2005, caused total losses of $125 billion. Insured losses were $62.2 billion, almost half, according to the Insurance Information Institute, which represents the industry.

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Japan hopes to restore power at two crippled reactors !!!!!!!!!!!!!!

TOKYO - Japanese engineers raced to restore a power cable to a quake-ravaged nuclear power plant on Friday in the hope of restarting pumps needed to pour cold water on overheating fuel rods and avert a catastrophic release of radiation.

Officials said they hoped to fix the cable to two reactors on Friday and to two others by Sunday, but said work would stop in the morning to allow helicopters and fire trucks to resume pouring water on the Fukushima Daiichi plant, about 240 km (150 miles) north of Tokyo.

"Preparatory work has so far not progressed as fast as we had hoped," an official of plant operator Tokyo Electric Power Co (TEPCO) told a news briefing, adding that engineers had to be constantly checked for radiation levels.

Washington and other foreign capitals have expressed growing alarm about radiation leaking from the plant, severely damaged by a magnitude 9.0 earthquake and tsunami a week ago that triggered a series of destructive explosions and compromised the nuclear reactors and spent fuel storage tanks.

Worst case scenarios would involve millions of people in Japan threatened by exposure to radioactive material, but prevailing winds are likely to carry any contaminated smoke or steam away from the densely populated Tokyo area to dissipate over the Pacific ocean.

U.S. President Barack Obama said the crisis posed no risk to any U.S. territory. He nevertheless ordered a comprehensive review of domestic nuclear plants.

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PLEASE BUY A SHIRT AND HELP JAPAN!!!!!!!!!!!!!!!!!!!!!!!!

Whether you think buying a relief t-shirt is a good strategy for raising money after a natural disaster, or a play into consumerism, purchasing one sends at least some of your money towards some people who really need it. So if you are interested in both showing your support for the country in need and donating some actual money towards relief efforts, we’ve found a few cool-looking t-shirts that might inspire you to help the cause.

This great design from Hide & Seek ($22) will send all profits to one of the following organizations: The American Red Cross, Hands on Tokyo, Japan Earthquake & Tsunami Relief Fund, Save the Children: Emergency Response

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