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As of Oct. 13, incurred losses for marine and transport insurance totaled 5.33 billion yen, followed by 2.59 billion yen for fire insurance and 580 million yen for automobile insurance. The estimated incurred losses did not take into account reinsurance coverage, said Tokio Marine. The amounts are subject to adjustment based on claims investigations and other factors.
Melor made landfall in Aichi prefecture on Oct. 8 and moved through densely populated regions in central Japan with heavy rains and strong winds.
The typhoon caused two deaths and left a trail of damage across central and southern Japan, particularly the central prefectures of Aichi, Gifu, Mie, Shiga and Wakayama, according to a report from reinsurance broker Guy Carpenter & Co.
At least 490 domestic and 20 international flights were cancelled and train services in Tokyo suffered severe delays. Operations at factories and oil refineries were halted in the affected areas.
Tokio Marine & Nichido Fire Insurance Co. Ltd. currently has a Best's Financial Strength Rating A++ (Superior).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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