japan

The July flooding in Japan caused by extreme levels of rainfall has now resulted in almost $1.5 billion of insurance claims paid, according to the latest figures from the General Insurance Association of Japan (GIAJ).

Japan and its insurance industry may be facing billion of dollars of losses from the impacts of yesterday’s magnitude 6.7 earthquake in Hokkaido and recent typhoon Jebi, which was the strongest storm to hit the Japanese mainland in 25 years.

The magnitude 6.7 earthquake that struck the Sapporo region of Hokkaido, Japan early this morning is not anticipated to cause any losses to the catastrophe bond market, despite as much as 8% of outstanding cat bond risk capital could be exposed to an earthquake striking the country.

At least two people have died and currently over 30 unaccounted for following a strong magnitude 6.7 earthquake that struck the Sapporo area of Hokkaido in Japan this morning, causing damage to property, infrastructure and landslides that have engulfed more dwellings.

The recent flooding in Japan caused by extreme levels of rainfall could result in an insurance and reinsurance industry loss as high as $4 billion, according to catastrophe risk modeller AIR Worldwide.

The losses suffered by Japanese insurance firms after the extreme rainfall and flooding in July are rising into the billions of dollars, with leading companies having reported their losses recently and claims already paid having surpassed $715 million.

The recent devastating flooding in Japan which is now reported to have caused at least 200 deaths and the flooding of thousands of homes and commercial properties is expected to cause industry losses in the billions of U.S. dollars, according to reinsurance broker JLT Re.

Japan has been hit by torrential rainfall in recent days resulting in some of the worst flooding seen in history, with now more than 125 people confirmed as having died in the event and widespread damage to homes and businesses.

Japanese insurance group MS&AD Insurance Group Holdings hailed the completion of its latest catastrophe bond, the $320 million Akibare Re Ltd. (Series 2018-1) deal, saying that it marks the first Japanese cat bond to feature pure flood exposure and also highlighting that by jointly sponsoring the transaction, its insurers lowered their costs.

Japanese insurance group MS&AD Insurance Group Holdings looks set to secure a new $320 million source of capital markets backed reinsurance protection at efficient pricing, as its latest catastrophe bond, the Akibare Re Ltd. (Series 2018-1) deal, secures the maximum targeted size at the lowest targeted pricing level.