Kathmandu. The powerful earthquake that struck Japan on July 28 is expected to put insurance claims in excess of the $1.1 billion recorded average for the country’s six previous major earthquakes. <\/p>\n
This is according to estimates by Bloomberg Intelligence (BI). According to analyst Steven Lam, industry-wide insurance claims are expected to reach hundreds of billions of yen. Most of the risks are related to commercial property and residential policies covered under Japan’s earthquake insurance system. <\/p>\n
Japan’s three largest private insurers \u2014 Tokyo Marine Holdings, Sompo Holdings and M&AD Insurance Group Holdings \u2014 have set aside 365 billion yen for domestic natural disaster claims in the current fiscal year. That’s more than double the total claims recorded last year. <\/p>\n
Despite the expected increase in claims, Bloomberg Intelligence estimates that insurers’ share of new earthquake damage after reinsurance recovery and tax will be less than 1% of adjusted profits. Earlier this week, a 7.1-magnitude earthquake struck Kumamoto. About 30 people were killed and there was significant damage. Some of the deaths are still being linked to the quake. <\/p>\n
However, the quake is expected to generate higher-than-average claims for major earthquakes in Japan, Bloomberg Intelligence reported. Japan’s major insurance companies have already strengthened their catastrophe reserves. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The powerful earthquake that struck Japan on July 28 is expected to put insurance claims in excess of the $1.1 billion recorded average for the country’s six previous major earthquakes. This is according to estimates by Bloomberg Intelligence (BI). According to analyst Steven Lam, industry-wide insurance claims are expected to reach hundreds of billions […]<\/p>\n","protected":false},"author":16,"featured_media":309394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-309397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=309397"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309397\/revisions"}],"predecessor-version":[{"id":309398,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/309397\/revisions\/309398"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/309394"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=309397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=309397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=309397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}