Insurance claims linked to typhoons in Sept, October may top JPY 2 tril

19-Nov-2019 Intellasia | JapanToday | 6:02 AM Print This Post

Insurance claims linked to two powerful typhoons that hit Japan in September and October may exceed 2 trillion yen, according to a recent analysis by Standard & Poor’s.

Typhoon Faxai in September triggered a prolonged power outage near Tokyo, while Typhoon Hagibis in October caused massive flooding and a series of mudslides, leaving at least 92 people dead.

The damage from the storms was estimated “using modelling that assumes both storms were as devastating as last year’s (Typhoon) Jebi” that hit western Japan in September 2018, the S&P report said.

The losses from Typhoon Jebi reached 1.63 trillion yen, making it the most devastating typhoon in Japan in decades in terms of insurance claims, the report said.

In fiscal 2018 ended March, reinsurance rates increased from 15 percent to 25 percent due to Typhoon Jebi, and major Japanese insurers are likely to raise home insurance fees beyond fiscal 2020 given the costs associated with the typhoons this year, it said.


Category: Japan

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