Claims paid in Fukushima and the Japan earthquake rose 16% to $1.87 billion

Insurance claims paid from the 7.0-magnitude earthquake that struck off the coast of Japan’s Fukushima region on February 13, 2021 rose by another 16%, with confirmed losses in the insurance and reinsurance sector now totaling more than $1.87 billion, according to the latest. Data released by the General Insurance Association of Japan. Claims for the February earthquake have taken its time to come and settle, with industry losses confirmed by the Japan Insurance Association steadily rising.

The number is likely to rise further, as the latest industry loss estimates from Cresta now peg total insurance and reinsurance market losses at $2.63 billion.

There will always be a gap between the two sources, as the estimation of Cresta’s industrial losses will include any losses of an international company, as the number of claims paid from the General Insurance Association of Japan (GIAJ) is based on data reported by member firms to the GA. The Japan Insurance Association is the foreign non-life insurance association in Japan.

Initial reports after the event indicated that this earthquake in Japan may have prompted hundreds of millions of dollars in claims.

But this has proven not to be the case, and the claims numbers paid from GIAJ have been steadily rising, as we have been reporting.

Claims paid were reported as follows: $36 million only in March 2021; Rising to nearly $900 million by the end of that month; Then to US$1.26 billion as of April 16th; The most recent being $1.62 billion as of May 14.

Back in April, CRESTA said it believed the M7.0 earthquake in Japan could end up costing the industry billions of dollars, the highest forecast at the time for this event.

Then, on July 1 of this year, Krista pegged the industry’s total loss at around $2.63 billion, illustrating how creeping that loss is and how long it can take to get enough clarity to provide a more meaningful and accurate figure.

The damage from this marine earthquake was relatively widespread throughout the Japanese prefectures of Miyagi, Iwate, and Fukushima, apparently making it a slower event for the industry to contend with.

Claims filing appears to have been slow, exacerbating the industry’s ability to see the scale of losses earlier.

It shows again that earthquake losses can flow relatively slowly through the insurance and reinsurance market and it may take time to publish industry loss estimates.

The latest data from GIAJ shows that claims related inquiries rose 9% from May 14 to the last report date of June 14, while claims related payments in the same period rose 21%.

Payments for claims filed rose just under 16% to just over 205.9 billion yen, which comes to roughly $1.87 billion today.

It is important to note that this does not include the full exposure of the international insurance and reinsurance market to this Japanese earthquake event.

Some international carriers do not count, while other protections backed by the insurance and reinsurance industry may also not count in the GIAJ numbers, particularly on the business side.

As we recently explained, the February earthquake off the coast of Fukushima in Japan triggered the launch of a standard insurance product for a manufacturer.

This indicates that there can be a greater limit to risk from the international insurance and reinsurance market than that accounted for in typical Japanese property policies.

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