Claims payments from Typhoon Faxai have reached $2.45 billion, according to the General Insurance Association of Japan (GIAJ), as the amount of claims stemming from Hagibis also continues to grow.
Recent estimates from catastrophe modeller RMS indicate that the eventual cost of Faxai will be between $5 billion and $9 billion, while AIR Worldwide has put the cost slightly lower, at between $3 billion and $7 billion.
The GIAJ has reported that 373,054 claims related to Faxai have been accepted as of November 5th, of which 354,320 have been paid.
Fire insurance accounts for the vast majority of these claims, with 325,380 accepted and 311,470 paid, and an overall cost of $2.22 billion.
38,564 claims for damage to vehicles were also registered by the GIAJ, with costs currently at $148 million, and 9,110 claims for miscellaneous casualty insurance (including accident insurance), with costs of just $81.6 million.
These figures put the storm close to the $2.8 billion loss caused by Typhoon Trami last year, a figure that some analysts predict Faxai will surpass.
The GIAJ previously said that it is anticipating that Faxai will cause a loss of $2.8 billion for the Japanese insurance market alone.
The Association also recorded a total of 235,225 related to Typhoon Hagibis, although it did not give an estimate of claim payments, given the recency of the event.
Of these claims, 48,102 were related to coverage for damage to vehicles, 176,483 for fire insurance, and 10,640 for miscellaneous casualty insurance.
Industry losses from Hagibis have been estimated in the range of $7 billion to $11 billion by RMS, and $8 billion to $16 billion by AIR Worldwide.
MS&AD Holdings, the Japanese parent to domestic insurance carriers Mitsui Sumitomo and Aioi Nissay Dowa Insurance, as well as its international operation MS Amlin, said earlier this week that it expects its ultimate loss from Hagibis and Faxai to be approximately $3.36 billion, before reinsurance recoveries.
Combined, the big three Japanese insurers have estimated roughly $8 billion of ultimate losses across Faxai and Hagibis, which suggest that Hagibis will be the larger loss, given the level of Faxai losses currently reported by the GIAJ.
The GIAJ also released figures for the recent heavy rain event that occurred in October, with 9,858 claims accepted, consisting of 5,655 for vehicle damage, 3,909 for fire insurance, and 294 for miscellaneous casualty insurance.
