Japan:Insurance body estimates Typhoon Faxai claims at about US$2.8bn

Non-life insurers in Japan are bracing themselves for about JPY300bn ($2.8bn) in claims payments due to damage from Typhoon Faxai, Mr Yasuzo Kanasugi, chairman of the General Insurance Association of Japan has said.

Faxai landed in Japan on 8 September, crossed the Kanto region, leaving heavy damage in Chiba Prefecture. Last year, the industry paid JPY306.1bn in claims due to damage from Trami, according to local news agency reports.

Among major nonlife insurers, MS&AD Insurance Group Holdings expects about JPY100bn in Faxai-related claims payments. Sompo Holdings has given a similar estimate.

Mr Kanasugi, who is president of Aioi Nissay Dowa Insurance, an MS&AD subsidiary, called on policyholders to lodge claims online in order to speed up the payment procedures. According to the association and insurance companies, 184,000 insurance claims had been filed as of 13 September.

Source: Asia Insurance Review