japan typhoon

Typhoon Hagibis continues on course towards Japan as a strong Super typhoon, with landfall looking increasingly likely and while uncertainty is still high in precisely where a landfall will be, Tokyo remains on alert for the storm.

Typhoon Hagibis has undergone another period of rapid intensification, having weakened slightly in the last day, but has now cleared out its eye once again and again become a strong Super typhoon as it tracks towards the Tokyo region of Japan.

Typhoon Hagibis has rapidly intensified over the last few hours in the Pacific and has now officially reached super typhoon status having intensified rapidly over the last 12 hours.

Japanese typhoons should be expected to cause insurance and reinsurance industry losses of more than $15 billion at least every 20 years, according to analysis by Karen Clark & Company.

If the loss creep linked to Japanese typhoon Jebi continues it has the potential to impact RenaissanceRe’s retrocessional reinsurance underwriting book, according to the firms CEO.

The impacts to reinsurance and ILS players from the typhoon Jebi losses in Japan may still have a little further to run, as the escalation of the industry loss has hit fresh layers in reinsurance programs, we’ve learned.

Reported claims figures for the typhoons and extreme rainfall event that struck Japan last year have risen significantly, with the latest figures from the General Insurance Association of Japan (GIAJ) totalling over US $14.5 billion.

The insurance and reinsurance industry wide loss from Japanese typhoon Jebi looks destined to rise even further, with analysts saying that industry participants they met with recently in Bermuda have suggested the loss may settle at between $15 billion to as much as $16 billion.

Global reinsurance firm Swiss Re strengthened its typhoon Jebi loss reserves in the last quarter and the firms CFO John Dacey said that the company puts the industry loss from the storm at close to $13 billion now.

Bermudian insurance and reinsurance group Arch Capital believes the industry loss from typhoon Jebi could now be as high as $13 billion and its CEO Marc Grandisson said that the market missed the business interruption and contingent BI exposures.