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MS&AD Insurance, Sompo Japan disclose expected Faxai loss, claim payments

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MS&AD Insurance, Sompo Japan disclose expected Faxai loss, claim payments

MS&AD Insurance Group Holdings Inc. said the gross loss from Typhoon Faxai, which hit Japan on Sept. 9, will amount to approximately ¥100 billion, based on past natural disasters.

The gross loss estimate considers losses reported as of Sept. 17. The insurer noted, however, that the estimate may increase depending on additional reports of losses and the progress in claim assessment.

MS&AD does not currently see the need for it to revise its consolidated earnings forecast for the year ending March 31, 2020, to consider factors like reinsurance and catastrophe loss reserves.

Sompo Japan Nipponkoa Insurance Inc. projects that its total insurance claim payments connected to Faxai will surpass ¥110 billion, The Japan Times reported.

Previously, catastrophe risk modeling company AIR Worldwide estimated that industry insured losses from Faxai will be between ¥340 billion and ¥740 billion.