The General Insurance Association of Japan (GIAJ) has released updated claims data, as of March 9th, from the impacts of Typhoons Faxai and Hagibis, as well as the heavy rain event of October 2019.
The last update from the GIAJ for these three events was back in December 2019, with the latest release showing further loss development for each catastrophic event.
Previously, the GIAJ said that Typhoon Faxai had resulted in 400,623 claims, of which 370,907 had been paid, amounting to roughly USD 3.1 billion. In its latest update, the GIAJ has recorded 430,545 of claims from the event and has paid 381,226 of these claims, resulting in a total amount of claims payment of just over USD 4 billion.
The large majority of the claims and insured losses from Faxai relates to fire insurance, followed by damage to own vehicle and then miscellaneous casualty insurance losses, including personal accident insurance.
In September, the GIAJ warned that the event could drive a loss of USD 2.8 billion in the Japanese market alone, later pegging the Faxai loss at USD 2.45 billion, based on claims data as of November 5th. This figure jumped by almost 27% in a month to the USD 3.1 billion reported in December, before increasing by a further 29% to the most recent amount of USD 4 billion.
Turning to Hagibis, and the increase in accepted claims now sees the total stand at 336,140 as of March 9th, compared with the previous total of 290,329 reported in December. As of November 5th, the Association had accepted a total 235,225 of claims related to Hagibis.
The December announcement from the GIAJ put the Hagibis cost at USD 3.6 billion, the majority of which are from fire insurance claims, as is the case with Faxai. Now, and as of March 9th, the GIAJ has recorded 290,433 of paid claims, and a total amount of claim payments of just under USD 5 billion.
Again, the large majority of the claims and insured losses are from fire insurance claims, with a far lesser impact coming from both damage to own vehicle and miscellaneous casualty insurance lines.
Total re/insurance industry loss estimates for Hagibis are wide-ranging, with some saying as high USD 16 billion. Although, the consensus seems to be that the event is sure to drive economic losses of more than USD 10 billion, with insured losses also expected to be meaningful.
As with its previous update, the GIAJ has also offered some updated claims information for the heavy rain event that hit the country in October. In December, the GIAJ noted that 12,463 claims had been accepted. As of March 9th, the GIAJ has reported that a total of 13,348 claims have been accepted from the event, of which the large majority, 11,229 have been paid. The total amount of claim payments from the heavy rain event stands at just under USD 204,000.
