Reinsurance News

Typhoon Jebi insured losses hit record-breaking $5.2bn, still climbing

22nd November 2018 - Author: Staff Writer

The amount of insured claims paid out for Typhoon Jebi, which made landfall in Japan on September 4, has reached close to $5.2 billion, making it the most costly Typhoon for re/insurers to ever hit the country.

Typhoon JebiData from the General Insurance Association of Japan shows that 825,091 insurance claims have been accepted as a result of Jebi; 108,928 were for automobiles, 694,310 from property fire insurance policies and 21,853 from other miscellaneous lines of business.

Of the $5.2 billion (¥585 billion) figure, auto losses contribute $475 million, $4.7 billion is from property damage claims and $90 million comes from other lines.

It’s important to note that this data only includes losses for Japan’s domestic insurers, and does not include foreign re/insurance firms.

A final figure that includes losses from firms outside Japan will likely reach $8 billion.

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In addition, the latest data for Typhoon Trami, which also made landfall in September, shows that, based on 379,697 accepted claims, the total amount paid now sits at almost ¥187.4 billion, equivalent to almost $1.7 billion.

Typhoon Trami loss estimates typically range from $2 billion to as much as $4 billion, we understand.

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