In the case of the Great East Japan Earthquake, physical and human losses were covered not only by Japanese insurance companies but also reinsurance companies abroad. Moreover, as significant natural disasters occurred one after another recently, we have seen an increase in the issuance of catastrophe bonds as a means of diversifying the risks.
Admittedly, oil prices posted significant gains in the latter part of the year, rising from a low of $ per barrel in mid-June to $ per barrel as of 23 November. Yet this move seemed to be more a reflection of stronger demand (as global economic growth exceeded expectations) than of a supply constraint that could endanger the economic recovery.