The February 2021 Japan earthquake claims M7 paid nearly $ 900 million

It appears that the 7.0 magnitude earthquake that struck the coast of Fukushima Prefecture, Japan, on February 13, 2021, will cause a loss of $ 1 billion in the insurance and reinsurance sector, with claims already paid of nearly $ 900 million. It appears to be falling a little under the radar, in terms of potential costs, given that the majority of any loss is expected to occur with insurers, rather than likely to occur in the reinsurance sector.

This earthquake killed one and injured more than 186, while causing significant structural damage across the Tohoku and Kanto regions of Japan.

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

Back in March, the Japan Insurance Association said 141,166 quake claims had been counted, with about 6,583 claims paid by mid-month, totaling about $ 36 million at the time.

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

Now, new figures from the General Insurance Association of Japan show that CRESTA is likely to be correct, as the total amount of claims paid quickly approaches $ 900 million, or nearly JPY 95 billion.

As of the end of March 2021, the number of claims submitted by the earthquake reached more than 202,000 claims, with more than 120,000 claims settled and 95,258 claim payments submitted by the Japanese insurance market.

Approximately $ 445 million in losses came from Fukushima Prefecture, with another approximately $ 388 million from Miyagi Prefecture.

With a large number of claims inquiries still pending settlement, it is likely that there will be further payments, and thus it seems reasonable to assume that the industry’s loss exceeds US $ 1 billion.

Most of this will likely be held by the major Japanese real estate insurers in the domestic market, but a small fraction will likely find itself with international players, or reinsurance providers, particularly through reinsurance stakes.

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