Japan earthquake: Economic impact to cost £60bn as industry halts

Stock markets in Japan plunged by 6.18 per cent today in response to the devastation of the world’s third-largest economy.

Traders are braced for a stormy start to the week as the latest estimates put the global insurance bill for the earthquake at ?31.7billion.

The eye-watering figure, worked out by Lloyd’s of London, is almost double the initial estimate made on Friday. Equecat, a risk consultancy, estimated that the total economic losses – insurance costs as well as lost productivity – would add up to more than ?62billion.



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