Claims paid for Japan New Year's Day earthquake rise to $492 million: GIAJ

The General Insurance Association of Japan (GIAJ) has released new insurance claims data for the M7.5 earthquake that occurred on January 1 near the Noto Peninsula in Ishikawa Prefecture, revealing that total claims paid rose by about 22% in just a few weeks to about $492 million. (74.44 billion Japanese yen).

On March 22, we wrote that data from GIAJ as of March 8, 2024, revealed that more than 61 billion Japanese yen ($414 million as of March 8 or $403 million at the March 22 exchange rate) in payments from more than 67,000 Claim who caused the earthquake.

The earthquake, which occurred shortly after 4 p.m. local time off the west coast of Japan on New Year's Day, caused extensive damage around and south of the epicenter, affecting Ishikawa, Niigata, Toyama and Fukui Prefectures.

In an update based on insurance claims data as of March 31, 2024, GIAJ reported that total claims paid rose to more than 74.44 billion Japanese yen, which converts to more than $492 million, or closer to $481 million at today's exchange rate. .

This is out of a total of 128,263 claims that were accepted, of which 115,171 were described as completed investigations, while the number of claims payments reached 81,544 as of March 31, 2024.

In contrast, as of March 8, 2024, GIAJ reported that 115,211 claims had been accepted, with the number of completed investigations then standing at 95,601, while the number of claim payments reached 67,413.

So, in just a few weeks, the number of claims accepted increased by more than 11%, the number of claim payments increased by 21%, and the total amount of claim payments increased by 22% to JPY 74.44 billion reported as of 2018. End of March 2024.

Data from GIAJ also reveals that the 2024 Noto Peninsula earthquake remains the seventh largest insured loss from a Japanese earthquake event.

It is important to note that the data from GIAJ covers claims reported by GIAJ member companies and the Foreign Non-Life Insurance Association of Japan, so exclude all losses incurred by global reinsurers operating in the country, as some may not be members.

Catastrophe risk modeling firm Karen Clark & ​​Co. (KCC) was the first to issue a loss estimate for the event, reporting on January 5 that total insured losses would reach $6.4 billion.

On the same day, CoreLogic estimated that insured losses in the country from the earthquake could range between $1 billion and $5 billion.

Later in the month, Verisk's Extreme Event Solutions estimated insured losses from the event at between $1.8 billion and $3.3 billion.

Finally, on March 12, Moody's RMS estimated that total insurance industry losses due to the earthquake would likely fall between $3 billion to $6 billion.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos