A magnitude 7.5 earthquake struck off the northeastern Japanese coast along the Sanriku region of Hokkaido and Iwate prefecture at around 4.50pm local time Monday (8.50am UK), with small tsunami waves already reported and a warning of the potential for higher waves imminently.Japan’s prime minister Sanae Takaichi is reported to have said that At this time, we have received a report that human and material damage is currently being confirmed, but from now on, we will receive detailed reports and address the disaster response.” Tsunami waves of up to 80 centimetres were detected at Kuji port in Iwate prefecture, while a smaller tsunami of 40 centimetres was recorded at Miyako port.Media reports suggest current warnings for tsunami waves are ongoing, with waves of up to 3 metres possible and Iwate prefecture seen as the region facing the greatest threat, according to the Japan Meteorological Agency.The Sanriku region is known for its coastline that given its shape can exacerbate tsunami effects.

Tsunami warnings are in effect for Hokkaido and Aomori for waves of up to 3 metres, as well as advisories for Miyagi and Fukushima prefectures for waves of up to 1 meter.Bullet train services have been suspended, while checks at nuclear power plants are ongoing.Japan’s Cabinet Secretary Minoru Kihara recently said evacuated residents should stay inland until the tsunami forecasts are clarified and that at least 100 homes are without power still.

Damage reports appear relatively limited at this time from the earthquake shaking itself, although some damage to properties and roads has been seen, with now the ongoing tsunami warnings appearing to be the main threat, aside from aftershocks that may continue to be felt.Japanese earthquake is a meaningful peril exposure for the local and global insurance, reinsurance and catastrophe bond sector including damage from tsunami waves.At this stage implications for the insurance market appear likely to be minimal with no threat to catastrophe bonds that attach their coverage for more impactful events.

But until the tsunami warnings are removed there remains an ongoing situation.The Japan Meteorological Agency has raised the magnitude of the earthquake to 7.7.The agency has also issued an alert of the potential for a stronger earthquake, saying that there is a slightly increased probability of a future, stronger event along two deep-sea trenches in the Pacific following today’s.

Today’s tsunami warnings for potential 3 metre waves are now reported to have been lifted.Advisories remain for parts of Hokkaido, Aomori, Miyagi and Fukushima Prefectures, with waves of up to 1 metre deemed possible..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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