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Risk sector absorbs loss from Japanese disaster

Images from the recent Japanese earthquake and tsunami have been beamed around the world and the power of natural disasters has been all too clear.

As the risks continue to accumulate, sector employers have been looking at the cost of restoring, as much as possible, the north-eastern Japanese coastline and population to its previous position.

Early indications show that risk companies around the world will together pay out more than £20bn for the cleanup operation. This figure is not fixed at the moment due to the uncertainty around the safety of local nuclear plants.

Some specialist insurers like Chaucer, which insures many of the world's nuclear buildings, will suffer financial hardship as a result but, in the bigger picture, the global sector will come together to meet its obligations and support those who have suffered.

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