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Japan quake payout to hit US$172m

Japan quake payout to hit US$172m

Japan quake payout to hit US$172m
The total insurance payout for the damage caused by the deadly Kumamoto Prefecture earthquakes in April could amount to 19 billion yen or US$172 million, according to the top three property insurers in Japan.
 
Reuters reported that bulk of the combined payout estimate from Tokio Marine Holdings, MS&AD Insurance Group Holdings and Sompo Japan Nipponkoa Holdings relates to corporate insurance for damaged factory buildings and equipment.
 
"There are semiconductor factories in the region and we underwrite some of them," the report quoted MS&AD senior executive officer Nampei Yanagawa as saying.
 
The payout estimate does not include the insurance payout for residential earthquake coverage, which is reinsured by a government-run program, the report said.
 
Tokio Marine expected its payout to be at around 5 billion yen. MS&AD Insurance estimated the cost at 12 billion yen while Sompo Japan Nipponkoa projected a 2 billion yen payout.
 
The Japan Fire and Disaster Management Agency estimated last month that the series of earthquake that hit Kumamoto damaged or destroyed more than 3,900 residences and 120 non-residential buildings.
 
The tremors also caused landslides, fires, power and water outages, damage to highways, rail lines, bridges, and other infrastructure.
 
The disaster also led to significant supply-chain and production interruption for regional industries.
 
More than 40 people were killed while over 900 more were injured.