News Non-Life22 Aug 2018

Japan:Insured losses from mid-year floods estimated at up to US$4bn

| 22 Aug 2018

Boston headquartered catastrophe modelling firm AIR Worldwide estimates that industry insured losses from the flooding in western Japan caused by excessive rainfall from 28 June to 8 July, 2018, will be between JPY284bn ($2.6bn) and JPY423bn ($4bn).

Following successive heavy downpours from 28 June, onward, several days of record-breaking rainfall until 8 July led to widespread inland flooding in more than 30 prefectures across western and south-central Japan.

As well as numerous rivers and streams bursting their banks, many landslides were reported. In addition to major damage to buildings and infrastructure, there was considerable business interruption. With at least 200 lives lost, this was Japan’s deadliest flood since 1982 and the country’s deadliest natural catastrophe since the 2011 Tohoku earthquake.

In just a few days, parts of Japan received four times the rainfall typically expected in the whole month of July, according to the Japan Meteorological Agency (JMA). Local reports state that new records for rainfall during 24-, 48-, or 72-hour periods were set in 93 locations.

More than 46,000 residential buildings were destroyed, damaged, or inundated, according to data issued on 8 August by the Fire and Disaster Management Agency. There was widespread business interruption, particularly to auto and electronics manufacturers.


 


 

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