Japanese insurers to pay out a record 1tn yen in FY2018

Nov 14, 2018 | News On Japan

Nov 14, 2018 (Nikkei) - With Japan having suffered extensive damage from a number of natural disasters this year, the country's three top damage insurers are expected to pay out a record 1 trillion yen ($8.7 billion) in combined insurance claims in fiscal 2018 through March 2019.

This fiscal year's insurance payouts exceed those of fiscal 2017, which also saw a succession of typhoons hit the country. The figure is the largest in terms of payments for wind- and water-related disasters. Major disasters this year included heavy rains and floods in western Japan and several large typhoons.

With their bottom lines hit by increasing damage payments in recent years, the three insurers plan to hike fire insurance premiums in the fall of 2019, for the first time in four years.

The total insurance payouts for the three insurers are likely to have exceeded 1 trillion yen in their estimates at the end of October.

Specifically, payments by MS&AD Insurance Group Holdings are likely to total over 400 billion yen, while Tokio Marine Holdings and Sompo Holdings are expected to pay out over 300 billion yen each.

According to the General Insurance Association of Japan, the previous highest insurance claim paid by Japan's insurers for damage suffered from wind and water disasters, including typhoons and torrential rains, was 744.9 billion yen in fiscal 2004, when three large typhoons struck the country.

Payments in the current fiscal year by the three top insurers are expected to exceed this figure.

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