Japan flood claims hit US$1.5bn

September 26 2018 by InsuranceAsia News Staff

At least US$1.5 billion of claims were paid as a result of the recent flooding in Japan, according to the latest data from the General Insurance Association of Japan (GIAJ).

The flooding in July was prompted by extreme levels of rainfall.

Based on the estimate made by catastrophe risk modelling specialist AIR Worldwide, the loss to the insurance and reinsurance industry from the flooding was somewhere between ¥284 billion (US$2.6 billion) and ¥423 billion.

This range is likely to be breached as the value of claims paid following the rains and floods is rising rapidly and has now exceeded ¥165.7 billion (US$1.47 billion).

The GIAJ explained that automobile insurance claims have now reached US$241.7 million, fire insurance has reached US$1.155 billion, and miscellaneous insurance including accident cover has reached US$75.3 million.

MORE FROM: Catastrophe