Typhoons Hagibis and Faxai: Impact on insurance and reinsurance markets

The Typhoon Hagibis toll which hit Japan on the 12th and 13th of October, 2019, is depicted as catastrophic. For AIR Worldwide, an American risk modelling and analysis company, the insured damages could range from 865 billion JPY (8 billion USD) to 1 730 billion JPY (16 billion USD).

For the record, Typhoon Faxai which struck Japan in September, 2019 has costed 7 billion USD in insured damages.

The most significant part of the damage will be borne by the reinsurers. The results of the three main Japanese insurers shall slightly be impacted. These two successive natural disasters will hinder the 2020 reinsurance treaties' renewal.