Typhoon Faxai payments reach $2.442 billion, finds GIAJ

Claims payments for typhoon Faxai have reached ¥265 billion ($2.442 billion), according to recent figures from the General Insurance Association of Japan (GIAJ).

The association said the total number of accepted claims due to Faxai is 373,054, with the number of claim payments up to 354,320.

Recent estimates from global risk modeling and analytics firm RMS found insured losses for Faxai will be between $5bn and $9bn, while modellers AIR Worldwide found that insured losses from the same event would be slightly lower, between $3bn and $7bn.

GIAJ figures also showed that the number of accepted claims for typhoon Hagibis has reached 235,225. The majority of these, 176,483, are for fire insurance, followed by coverage for vehicle damage, 48,102, and miscellaneous casualty insurance including accident insurance totalling 10,640 accepted claims.

Previous RMS loss estimates for Hagibis were between $7bn and $11bn, while AIR Worldwide estimated losses would be between $8bn and $16bn.

GIAJ also gave figures related to the insurance claims for The Heavy Rain Event of October 2019. Accepted claims totalled 9,858, with the majority for vehicle damage, 5,655, followed by fire insurance claims, 3,909, and 294 for miscellaneous casualty insurance including accident insurance.

Three out of the 10 largest total claims paid for typhoons and windstorms in Japan happened in 2018. The typhoon Jebi disaster, from September 3 to 5, 2018, saw claims totalling ¥1,067.8 billion

paid out, while typhoon Trami, from September 28 to October 1 2018, totaled ¥306.1 billion, and the Heavy Rain Event of July 2018, from June 28 to July 8, 2018, led to ¥195.6 billion in claims paid.