3 Japan Nonlife Insurers to Pay One T. Yen over Disasters

Economy Society Lifestyle

Tokyo, Nov. 19 (Jiji Press)--Combined benefit payments by three major Japanese nonlife insurers for natural disasters are estimated to reach nearly one trillion yen for the year through March 2020 due chiefly to a series of powerful typhoons that hit the country earlier this year, their earnings reports showed Tuesday.

The three groups--Tokio Marine Holdings Inc. <8766>, MS&AD Insurance Group Holdings Inc. <8725> and Sompo Holdings Inc. <8630>--are considering raising their insurance premiums in response to these major natural disasters.

The three groups' combined benefit payments are estimated at 378.8 billion yen for Typhoon Faxai, which hit eastern Japan in September, and 490 billion yen for Typhoon Hagibis, which lashed the greater Tokyo area in October.

Their overall disaster-related benefit payments are projected to top 980 billion yen due also to damages linked to heavy rain and snow.

[Copyright The Jiji Press, Ltd.]

Jiji Press