Japan Insurers Expect 300 B. Yen in Faxai-Linked Payments

Society Lifestyle Economy

Tokyo, Sept. 20 (Jiji Press)--Nonlife insurers in Japan are braced for about 300 billion yen 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 press conference Thursday.

Faxai, the 15th typhoon this year, crossed eastern Japan last week, leaving heavy damage in Chiba Prefecture, near Tokyo. Last year, the industry paid 306.1 billion yen in benefits due to damage from Trami, the year's 24th typhoon.

Among major nonlife insurers, MS&AD Insurance Group Holdings Inc. <8725> expects about 100 billion yen in Faxai-related benefit payments. Sompo Holdings Inc. <8630> has given a similar estimate.

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

[Copyright The Jiji Press, Ltd.]

Jiji Press