Insurance claims for the 2024 Noto Peninsula earthquake had reached 74.4 billion yen by March

Insurance claims for the 2024 Noto Peninsula earthquake reached 74.4 billion yen by March | Insurance Business in Asia Disaster and Flood Insurance Claims for 2024 Noto Peninsula Earthquake Valued at 74.4 Billion Yen By March, Prefectures Reported Different Levels of Disaster and Flood Impact

Written by Roxanne Libatique

The General Insurance Association of Japan (GIAJ) has released updated figures for insurance claims from the January 1 Noto Peninsula earthquake.

The insurance claims – according to data collected through March 31 – are a joint tally by members of GIAJ and the Japan Foreign Non-Life Insurance Association.

Niigata Prefecture filed 25,395 insurance claims, with 22,664 investigations completed and 15,605 claims resulting in payouts of 12.9 billion yen.

Toyama Prefecture saw 34,512 claims filed, resulting in 22,828 claims being paid, totaling 17.1 billion yen.

Ishikawa Prefecture had the highest rates with 54,426 claims, of which 38,445 were paid, for a total of 41.5 billion yen.

Fukui Prefecture reported fewer incidents with 3,924 claims, resulting in 2,008 claims paid out totaling 1.3 billion yen.

Other affected areas submitted a total of 10,006 claims with payments amounting to 1.7 billion yen.

Overall, a total of 74.4 billion yen was paid based on 81,544 claims settled out of 115,171 completed investigations out of 128,263 initial claims submitted.

The largest claims paid for earthquake insurance in Japan

These statistics are placed within the context of the history of significant earthquake-related insurance claims in Japan.

The 2011 Tohoku earthquake tops a whopping 1.3 trillion yen payout for more than 826,000 claims. It follows the 2016 Kumamoto earthquake with payouts approaching 391 billion yen.

The list includes other notable earthquakes, such as two events in Fukushima-kin-oki and earthquakes in northern Osaka and Hokkaido, demonstrating the ongoing financial impact of seismic activity in the region.

Recent figures from the Noto Peninsula earthquake place it in seventh place in terms of total disbursements at 74.4 billion yen.

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