News Non-Life13 Sep 2018

Japan:Jebi's insured losses could reach US$4.5bn

| 13 Sep 2018

Insured losses from Typhoo Jebi, which made landfall in Japan on 4 September will be between JPY257bn ($2.3bn) and JPY502bn ($4.5bn), estimates catastrophe risk modeling firm AIR Worldwide.

Typhoon Jebi, which struck Japan on the island of Shikoku southwest of Japan's main island Honshu. at the equivalent of a Category 3 hurricane, was the strongest typhoon to make landfall in Japan in 25 years, with 1-minute sustained wind speeds of 180 km/h. It rapidly made a second landfall on the main island of Honshu striking the major urban centres of Kobe and Osaka.

Storm surge inundated parts of Osaka Prefecture, and intense rainfall accompanied the storm, with a recorded rate of 100mm of rain in an hour at the tourist city of Kyoto, and more than 500mm of rain total was measured in some areas.

Along with major damage to buildings and infrastructure, there has been significant business interruption, particularly to manufacturing and tourism, with widespread shipping and transportation impacts. Kansai Airport plays a significant shipping role in the region, and the closure could disrupt supply chains.

AIR’s modeled insured loss estimates include: insured damage to property (residential, commercial, industrial, and agricultural/mutual), both structures and their contents, and automobile.

AIR’s modeled insured loss estimates do not include:

  • Losses from precipitation-induced flood
  • Landslide
  • Losses to land
  • Losses to infrastructure
  • Losses to CAR/EAR, marine hull, or marine cargo lines of business
  • Business interruption losses
  • Loss adjustment expenses
  • Demand surge—the increase in costs of materials, services, and labor due to increased demand following a catastrophic event.
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