Claim payments from Typhoon Faxai have reached $3.1 billion, according to the General Insurance Association of Japan (GIAJ), up from $2.45 billion a month ago.
Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 billion, while AIR Worldwide has put the cost slightly lower, at between $3 billion and $7 billion.
The GIAJ says 400,623 claims related to Faxai have been accepted as of November 5, of which 370,907 have been paid.
Fire insurance accounts for the vast majority of these claims, with 349,684 accepted and 326,551 paid, and an overall cost of $2.8 billion.
40,373 claims for damage to vehicles were also registered by the GIAJ, with costs currently at $190 million, and 10,566 claims for miscellaneous casualty insurance (including accident insurance), with costs of just $99 million.
The Association also recorded a total of 290,329 related to Typhoon Hagibis, totaling an estimated $3.6 billion.
Of these claims, 51,020 were related to coverage for damage to vehicles, 224,058 for fire insurance, and 15,251 for miscellaneous casualty insurance.
Industry losses from Hagibis have been estimated in the range of $7 billion to $11 billion by RMS, and $8 billion to $16 billion by AIR Worldwide.
The GIAJ also released figures for the recent heavy rain event that occurred in October, with 12,463 claims accepted, consisting of 6,511 for vehicle damage, 5,470 for fire insurance, and 482 for miscellaneous casualty insurance.
