Nonlife insurance firms are expected to withdraw a record amount of catastrophe loss reserves this year due to the record number of typhoons that have hit Japan, industry officials said Wednesday.
Reserve withdrawals this year could total more than 273.9 billion yen, the record figure posted in 1991, when total windstorm insurance claims ballooned to a record 568 billion yen, the officials said.
The General Insurance Association of Japan presented these data to Liberal Democratic Party lawmakers.
Such insurance claims reached 391 billion yen in the first nine months of the year after eight typhoons hit the nation.
They are expected to increase substantially for the full year due to two more typhoons that hit this month, they said.
Typhoon Tokage, which blew through Japan last week, was the deadliest in decades.
Ten typhoons have made landfall in Japan this year.