August’s weather turmoil caused claim payments to reach Y40b – GIAJ

This was driven by a rainy season front and Typhoon Mawar.

Japan’s total claim payments increased by August to Y39.7b, mainly driven by rainfall from Baiu (rainy seasons ront) and Typhoon No. 2 Mawar, according to the General Insurance Association of Japan (GIAJ).

To compare, this was larger than the Y23.9b at the end of July. Total claims volume reached 43.6 billion, whilst claim payments made were 34.6 billion.

Broken down, into segments coverage for fire damage saw the highest amount of claim payments of Y24.5b. This was followed by damage to own vehicle (Y12.8b) and miscellaneous casualty insurance including personal accident insurance (Y2.5b).

ALSO READ: Japan’s insurance claims reach Y23.9b end-July – GIAJ

The tally of accepted claims encompasses instances where insurance firms have received appeals for damage assessments, coverage queries, and policyholder contract guidance. 

The count of actual claim disbursements, along with the aggregate payout sum, incorporates estimated values. 

These statistics encompass the collective data from member entities of the General Insurance Association of Japan, the Foreign Non-Life Insurance Association of Japan, and similar groups.