News Non-Life11 Jul 2018

Japan:Economic losses from floods estimated at hundreds of millions

11 Jul 2018

Economic losses from floods and mudslides in southwestern Japan in the past two weeks are likely to run into the hundreds of millions, according to an estimate by Aon.

At least 155 people have died in the floods and landslides that were triggered by torrential rain in western Japan. The deadly floods began on 5 July, primarily in Kansai region. They have brought businesses and transport to a halt.

Insufficient disaster planning at many companies has compounded the impact of the flooding, reports Nikkei Asian Review. Quake-prone Japan has also put far more energy into protecting buildings from quakes than from water damage to factories and stores.

Most large enterprises do have some continuity plans in place, but only about 30% of them have accounted for the possibility of flooding, according to a fiscal 2017 survey by the Cabinet Office. Supply chain disruptions are being felt far from disaster areas.

It is still too early to give a detailed assessment of the economic impact of the natural disaster.


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