Japan's Noto Peninsula earthquake claims rise 22% in Japanese yen, reaching US$492 million: GIAJ

According to the latest data from the General Insurance Association of Japan, insurance claims paid for the January 1 M7.5 earthquake that struck near the Noto Peninsula in Ishikawa Prefecture have risen by almost 22% in just a few weeks, to nearly US$492 million. When we last covered GIAJ paid claims data on March 22, which included claims data through March 8, the reported figure was approximately $415 million (currency conversion as of March 8).

The so-called earthquake struck the Noto Peninsula on January 1, causing severe impacts on some towns across Japan's four prefectures: Ishikawa, Niigata, Toyama and Fukui.

There was significant property damage, and as insurance and reinsurance market loss estimates began to emerge, it was clear that the event was relatively significant for the domestic insurance industry, with some likely minor impacts on global reinsurance as well.

The General Insurance Association of Japan (GIAJ) has now clarified that the total claims paid have reached more than JPY74.44 billion as of March 31, 2024.

On that date, that number had turned out to be just over US$492 million. Or, at today's date, the amount is closer to $481 million due to currency fluctuations (note that it would have been more than $525 million on the date the earthquake actually occurred).

The previous figure in Japanese Yen was just under JPY61 billion, so the updated claims paid figure of just over JPY74.4 billion is now approximately 22% higher.

GIAJ now says that as of 31 March, there were 128,263 accepted insurance claims for damage to homes and household goods, while 115,171 investigations have been carried out into claims submitted to date.

About 81,544 claim payments have been made, resulting in more than ¥74.44 billion in claim payments as of March 31.

The 2024 Noto Peninsula earthquake loss remains the seventh largest insured loss from a Japanese earthquake to date.

The figures from GIAJ cover the history of claims reported by member companies of the General Insurance Association of Japan and the Foreign Non-Life Insurance Association of Japan.

As a result, it does not include all losses incurred by global insurance and reinsurance entities operating in Japan, some of which may not be members.

Recall that the first industry loss estimate released due to this Japanese earthquake was from modeling firm Karen Clark & ​​Company (KCC), which estimated insured losses from the earthquake at an estimated $6.4 billion.

The next company to issue estimates of insurance market losses due to the Japanese earthquake was CoreLogic, which said it was likely to be less than $5 billion.

Subsequently, Verisk's Extreme Event Solutions business unit estimated insurance industry losses at between JPY260 billion (US$1.8 billion) and JPY480 billion (US$3.3 billion).

Finally, Moody's RMS estimated the amount to be between JPY435 billion and JPY870 billion (US$3 billion to US$6 billion).

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