Japan's P&C insurers likely to brush off impact of Kyushu rains

But it's still too early to assess the whole damage, an analyst said.

The torrential rains in Japan’s Kyushu region will likely have an insignificant impact on the country’s P&C insurers, according to a Moody’s Investors Service commentary.

Whilst it’s still too early to assess the economic damage from the heavy rains, analyst Soichiro Makimoto said it will not cause a heavy dent on earnings, assuming that it will be of a similar size to the losses incurred from the heavy rains in the same region back in 2017.

“This is much lower than the $1.86b (JPY200b) gross insured losses incurred following the 2018 rains in western Japan,” he added.

The torrential rain hitting the region since 4 July is continuing to cause significant damage, brought about by flooding of the Kuma and Chikugo rivers.