Earthquake in Japan

From today's Insurance Day

Tepco, the operator of the stricken power station and a financially strong Japanese enterprise, has not bought any property insurance cover for its power stations since September 2010, reinsurance sources told Insurance Day. Instead, it opted to follow the BP model and retain the risk itself.

Given the publicity attached to BP's decision not to buy insurance, this is unbelieveable. The japanese Government will probably have to step in.