News Non-Life13 Aug 2018

Japan:Major insurer incurs gross losses of US$595m from July floods

| 13 Aug 2018

Japanese insurance giant MS&AD has posted incurred expected gross losses of JPY66bn ($595m) from the destructive floods that struck the southwestern part of the country last month.

The breakdown of the incurred losses on a direct basis is as follows:

 

Paid and OS claims amount announced by GIAJ on 27 July

JPY bn

Incurred losses on a direct basis (preliminary estimate as of 31 July)

JPY bn

Voluntary automobile

 

6.1

13.0

Fire and others (incl. PA)

15.8 50.0
Marine - 3.0
Total 22.0

66.0

 

MS&AD said in a news release that the incurred losses on a direct basis caused by The Heavy Rain of July 2018, will affect its financial results in or after the six months ended 30 September 2018.

However, it added that the total loss estimate had not yet factored in the amount recoverable from reinsurance, and said that it expected the loss to have limited impact on financial results.

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