Kumamoto earthquake: compensations on the rise
Compensations due by insurers for the damage caused to properties by the April 2016 earthquake that shook the region of Kumamoto are rising substantially. The sums at the charge of local and foreign insurers now amount to more than 2.2 billion USD, 35% more than the latest estimates.
The Japanese insurance association has confirmed that the bill will also be reassessed by reinsurers. The total amount of 2.2 billion USD pertains to the compensations already paid, that is, 72% of the overall policies affected. With 28% of files to be indemnified, it is most likely that the final bill would exceed 2.5 billion USD. These sums will be added to the losses sustained as the damage caused to commercial, industrial and agricultural risks, along with operating and infrastructure losses. Economic damage has been estimated at 42 billion USD.
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