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The government of Japan announced Saturday that it had found above normal levels of radioactive foods in foods including spinach and milk coming from farms up to 90 miles away from the nuclear power plants.Japan has reached out to the US, to help prevent a complete Meltdown of the fuel rods.They are racing against the clock to cool the complex. The U.N. atomic energy chief called the disaster a race against the clock that demands global cooperation.
The brave plant workers, joined by members of their military, civil services and world volunteers are using every resource to ”Cool Down” the storage areas filled with hundreds of tons radioactive materials. Military fire trucks began spraying the damaged reactors again with tons of water in a desperate attempts to keep the fuel Rods covered in water the only thing standing in the way of a complete meltdowns that would send dangerous levels of radiation down-wind.
“The whole world, not just Japan, is depending on them,” Tokyo office worker Norie Igarashi, 44, said of the emergency teams at the plants.The question I have been asked as an insurance Agent is ” How will the losses insurance companies will suffer in this disaster effect global insurance rates”The size of these losses from the Earth-Quake, as well as the Nuclear plant disaster will clearly have a “Ripple-effect” across the entire insurance industry. But, unlike disasters in other countries, Japan’s insurance companies are largely re-insured by other Japanese companies. This will reduce the impact on American and global insurance companies. But that said, I would have to assume any nuclear power plant is going to see their insurance rates increase.If such an accident happened here, The U.S. nuclear industry says “It would pick up the total tab should a catastrophic wipe-out of multiple reactors, such as the one creating havoc in Japan, occur on American soil”.But insurance and risk assessment experts say “That’s not even close to the truth”, “We can expect to see taxpayers getting stuck funding billions of dollars to cover claims for loss of life, property and business, as well as long term decontamination”.
