The torrential rain hitting the Kyushu region of Japan since 4 July is continuing to cause significant damage, including through flooding of the Kuma and Chikugo rivers, notes Mr Soichiro Makimoto, VP-senior analyst, Financial Institutions Group at Moody’s Investors Service.
He said in a statement, “While it’s too early to know the ultimate economic damage from the heavy rains, the loss to Japanese P&C insurers is unlikely to significantly dent their earnings, if we assume a similar size of JPY8bn ($74.4m) of insurance industry losses as the heavy rain in Kyushu in 2017.

“This is much lower than the JPY200bn gross insured losses incurred following the 2018 rains in western Japan.”

The floods and landslides caused by the rain in the past week have killed at least 50 people.


 


 

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