Richard Banks
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Japan quake causes insurance loss

Japan's devastating earthquake and tsunami is having huge knock on effects for business and world markets.

The Japanese Nikkei 225 closed down at nearly 6.2%

To try and help calm the markets, Japan's central bank pumped 15 trillion yen ($183bn; £114bn) into the banking system.

Yet the wider economic damage has started to be felt. The total insurance loss could reach £22bn - with many insurance companies in the UK feeling the hit.

Richard Banks is the editor of Insurance Day and he told the BBC ''earthquake losses do tend to rise as the full impact of the damage is identified''.