Floods in Japan, insured losses expected to exceed 4 billion USD
According to AIR Worldwide modelling firm, insured losses caused by the floods that swept through western Japan between June 28 and July 8, 2018 would be set at a bracket comprised between 284 billion JPY (2.6 billion USD) and 423 billion JPY(4 billion USD). This estimate does not include business interruption resulting from the catastrophe. The total bill for local insurers and reinsurers should therefore be well beyond this initial estimate.
Official figures from the Japanese Fire and Disaster Management Agency reported 46 000 residential buildings totally or partially damaged. Thousands of people were evacuated while 200 others lost their lives.
These are the deadliest floods since 1982 and the most fatal natural disaster since the Tohoku earthquake and tsunami that took place in 2011.
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