The total losses of the insurance market for the two hurricanes Faxai [4] and Hagibis [5] could range between 19 billion USD and 23 billio USD. To-date, the payments for Faxai's compensation amount to 2.5 billion USD whereas no estimation is yet available for hagibis payments.
MS&AD Holdings, one of the market leaders, could be impacted, before retrocession, for an amount of about 3.36 billion USD for the two claims together. For Japan's three largest insurers, the bill would amount to 8 billion USD for Faxai and Hagibis. Both hurricanes received 2 500 000 claims.
According to available figures, five of the 10 largest cyclones and storms ever recorded in Japan took place in 2018 and 2019. These are Trami, Jebi, Faxai and Hagibis, in addition to the torrential rains of July 2019. It should be noted that Hagibis and Faxai rank respectively 2nd and 7th among the most costly natural disasters for the Japanese insurance industry.