Zurich - 20 Mar 2023
PERILS has today disclosed its third industry loss estimate for Typhoon No. 14, also known as Nanmadol, which affected the islands of Kyushu and Shikoku in southern Japan and the western and central regions of Honshu from 18 to 20 September 2022.
In its third loss report, provided in the form of an industry loss footprint with loss information broken down into prefectures and property LOBs, PERILS estimates that the event has cost the Japanese non-life insurance industry a total of JPY 129.6bn. This figure compares to PERILS’ previous loss estimates of JPY 119.7bn which was released on 20 December 2022 (3 months after the event), and JPY 113.5bn which was release on 1 November 2022 (six weeks after the event).
The PERILS market loss number for Japan encompasses the losses from the property line of business as sustained by the Japanese non-life industry. It does not include losses from the cooperative insurance sector (Kyosai).