Claims paid for Japan’s M7 earthquake in February 2021 amounted to $1.26 billion

As expected, insurance claims continued to be filed in connection with the Magniod 7.0 earthquake that struck the coast of Japan’s Fukushima region on February 13, 2021, with losses in the insurance and reinsurance industry now reaching more than $1.26 billion, according to data from the General Insurance Association of Japan. , the earthquake loss was originally expected to fall largely with the insurance companies, as the effects were expected to decrease by hundreds of millions, rather than become an event that called the reinsurance sector to support.

When it hit, this marine quake killed one person and injured more than 186, while causing significant structural damage across Japan’s Tohoku and Kanto regions.

The Japan Fire and Disaster Management Agency explained that more than 9,137 buildings were damaged in the earthquake, many of them seriously, escalating total insured losses.

Back in March, the Japan Insurance Association, the General Insurance Association of Japan, said 141,166 claims from the earthquake had been counted, with about 6,583 claims paid as of the middle of the month, totaling nearly $36 million at the time.

Then, in early April, CRESTA revealed that it believed the M7.0 earthquake in Japan could end up costing the industry billions of dollars.

As of the end of March, GIAJ had updated its figures as the total amount of claims paid approached 900 million US dollars, or approximately 95 billion yen.

This was based on the claims submitted by the earthquake that reached more than 202,000, with more than 120,000 claims paid and 95,258 claim payments made by the Japanese insurance market.

Now, as of April 16, the most recent data available, GIAJ has reported updated claims total of just over $1.26 billion, or roughly ¥138.28 billion.

In total, 221,994 claims were filed, with 165,866 claims settled and 133,359 claims paid from the Japanese insurance market.

Claims paid in Fukushima Prefecture have now totaled nearly 610 million US dollars, while the number in Miyagi Prefecture is about 584 million dollars. These two counties remain the locations with the highest number of property claims.

We understand that some reinsurance capital support has helped pay for these claims, with sources indicating that part of it has fallen into the hands of reinsurers working in partnership with major Japanese insurers.

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