National

Japan insurers expect ¥300 billion in payouts linked to Typhoon Faxai

JIJI, Kyodo

Nonlife insurers in Japan are braced for about ¥300 billion in benefit payments due to damage from Typhoon Faxai, an industry leader has said.

The total may reach the amount paid when the country was hit by Typhoon Trami last year, Yasuzo Kanasugi, chairman of the General Insurance Association of Japan, told a news conference Thursday.

Faxai crossed the Kanto region last week, leaving heavy damage in Chiba Prefecture. Last year, the industry paid ¥306.1 billion in benefits due to damage from Trami.

Among major nonlife insurers, MS&AD Insurance Group Holdings Inc. expects about ¥100 billion in Faxai-related benefit payments. Sompo Holdings Inc. has given a similar estimate.

Kanasugi is president of Aioi Nissay Dowa Insurance Co., an MS&AD subsidiary.

The association said applications to receive benefit payments totaled 184,548 as of Sept. 13.

Kanasugi called on people to make applications online in order to speed up the payment procedures.

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