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Kumamoto quake payouts hit $1 billion, second-largest on record: Association

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The General Insurance Association of Japan said that insurance payouts for the recent earthquakes in the nation's Kumamoto Prefecture has totaled 123.4 billion Japanese yen ($1 billion) so far, reported The Japan Times.

This is the second largest insurance payout after the JPY 1.27 trillion paid out for the 2011 Tohoku disasters, the association said. Payouts for the Kumamoto quakes are expected to increase further as only around half of the 84,422 claims have been settled.

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