Three major non-life insurance companies Total amount of insurance payments over ¥ 1 trillion Successive typhoons, etc.
As a result of a series of natural disasters such as Typhoon No. 19 that caused a great deal of damage last year, the total amount of non-life insurance claims paid by three major Sompo Group companies last year amounted to over 1.2 trillion yen. It is the second consecutive year that total payments have exceeded 1 trillion yen.
Three major Sompo Group companies of ▽ MS & AD Holdings, ▽ Tokio Marine Holdings, ▽ SOMPO Holdings announced their financial results on the 20th and announced the total amount of insurance payments made last year.
As a result, due to the succession of natural disasters such as typhoon No. 19 last October and typhoon No. 15 last September, which caused river floods and landslides in various parts of eastern Japan, insurance payments by three companies So, the total was over 1,220 billion yen.
It is the second consecutive year that the amount of insurance payments due to natural disasters exceeds 1 trillion yen in one year, following fiscal 2018 when typhoon No. 21 has hit the western Japan and the Kansai region.
Non-life insurance companies are responding by using "reinsurance" to further insure the insurance payment risk, or by reversing the reserve fund, but it is unavoidable that the deterioration of profits will be unavoidable in January next year. The policy is to raise the insurance premium for fire insurance.
Masahiro Hamada, Group CFO of SOMPO Holdings, said, "There are still issues to be solved such as not only price increases but also reviews of insurance contract periods. We would like to deepen discussions in the future."