Reinsurance News

Typhoon Faxai

Typhoon Faxai could drive industry loss of up to $9bn: RMS

27th September 2019

Global risk modelling and analytics firm RMS has estimated that insured losses resulting from Typhoon Faxai will be between $5.0 billion and $9.0 billion (¥ 500 billion to ¥950 billion). The estimate includes property damage and business interruption caused by typhoon and coastal flooding to residential, commercial, industrial, marine, and automobile ... Read the full article

Typhoon Faxai to mark first catastrophe designated under PCS Japan

24th September 2019

Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article

Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ

20th September 2019

Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article

Combined, Typhoon Faxai to cost Sompo, MS&AD at least $2 billion

19th September 2019

Typhoon Faxai, which struck Japan on September 9th, will cost Japanese insurers MS&AD Insurance Group Holdings, Inc. and Sompo Japan Nipponkoa Insurance Inc. a combined USD 2 billion, at least. Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article

AIR puts Typhoon Faxai insured industry loss at up to $7 billion

16th September 2019

Catastrophe risk modeller AIR Worldwide has estimated that insurance and reinsurance industry losses from Typhoon Faxai will be between $3 billion (JPY 340 billion) and $7 billion (JPY 740 million). Typhoon Faxai hit Japan on September 9th, impacting the Tokyo area with some of the most severe damage seen in the ... Read the full article