Japan New Year's Day Earthquake Claims Paid Nearly $415 Million: GIAJ

As of March 8, 2024, the General Insurance Association of Japan (GIAJ) reported more than 61 billion Japanese yen ($414 million as of March 8 or $403 million at today's exchange rate) in payouts from more than 67,000 Noto Day claims. New Year's Peninsula earthquake was made.

The M7.5 earthquake, which occurred shortly after 4 pm local time off the west coast of Japan as a result of a shallow reverse fault in the Earth's crust, caused extensive damage around and south of the epicenter, affecting Ishikawa, Niigata and Toyama Prefectures. , and Fukui.

Just over two months after the event, GIAJ revealed that as of 8 March, 115,211 claims had been accepted, which includes those where requests have been made for investigations into damage to homes and/or household goods, as well as advice and advice. /or inquiries about earthquake insurance coverage and/or policyholder contracts.

Of the total, GIAJ says the number of completed investigations is 95,601, which includes cases where actual claims were paid after investigations, as well as cases not covered by insurance, and cases that were resolved at the consultation or inquiry stage.

Among the completed investigations, GIAJ pegged the number of claim payments as of March 8 at 67,413 with a total value of JPY61.03 billion, or US$414 million ($403 million at today's exchange rate), making it Japan's seventh most expensive earthquake insurance. Loss so far.

It is important to note that the GIAJ figures represent the total combined figures of member companies of GIAJ and the Japan Foreign Non-Life Insurance Association.

Claims volume and claims payouts are expected to rise significantly, at just over US$400 million, still some distance from industry insured loss estimates, which ranged from US$1.8 billion to US$6.4 billion.

While it will take some time for the insurance and reinsurance industry's ultimate loss to be known, it is clear that the January 1 earthquake on the Noto Peninsula will be one of the costliest earthquakes in Japanese history, in terms of insured losses.

In fact, even at the low end of current industry estimates, this would be the third or fourth costliest insured earthquake ever in Japan, and if the total loss settles somewhere in the middle of the ranges or toward the upper end, it will be so. Control of the April 2016 Kumamoto earthquake, which resulted in insured losses worth 390 billion Japanese yen (US$2.6 billion at today's exchange rate), according to GIAJ data.

Unsurprisingly, the most expensive insured earthquake event in the country's history was the 2011 M9 event in Tohoku and subsequent tsunami, resulting in an industry loss of approximately US$50 billion.

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