The General Insurance Association of Japan (GIAJ) has released updated insurance claims data for the Noto Peninsula Earthquake on January 1, 2024, and the hailstorm in Hyogo Prefecture on April 16 this year.
On March 22, we reported that more than JPY 61 billion ($414 million as of March 8th or $403 million at the March 22nd exchange rate) in payments from over 67,000 claims from Japan’s New Year Day earthquake had been made.
In April, total claims paid for the earthquake had increased by around 22%, to approximately $492 million (JPY 74.44 billion).
The Noto Peninsula Earthquake is the sole event added to the CRESTA Industry Loss Index (CLIX) database for Q124, with an initial insured loss estimate of $1.9 billion.
According to the latest update from GIAJ, total claim payments for the earthquake now stand at approximately $571 million (JPY 91 billion).
This is from a total of 150,567 claims accepted, of which 145,899 are described as completed investigations, while the number of claim payments stands at 103,439, as of May 31, 2024.
For the hailstorm in Hyogo Prefecture, total claim payments amount to around $350 million (JPY 56 billion).
This is from a total of 122,152 claims accepted, while the number of claim payments stands at 119,238, as of May 31, 2024.
Damage to own vehicles accounted for the largest share of coverage at 55.7%, followed by fire insurance (43.8%), and miscellaneous categories (0.52%).
