European Reinsurers Tumble After Earthquake Rocks Japan
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European reinsurers including Munich Re and Swiss Reinsurance Co., the world’s biggest, tumbled after an 8.9 magnitude earthquake struck the coast of Japan unleashing a tsunami that engulfed towns north of Tokyo.
The quake, the world’s strongest in more than six years, struck offshore 373 kilometers northeast of Tokyo, and the subsequent 10 meter-high tsunami swept across buildings and farmland as far as 1.5 kilometers inland. At least 26 people were killed and many more are missing, according to state broadcaster NHK Television.