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Typhoon Hagibis likely to be an earnings event for major insurers

Typhoon Hagibis

U.S.-based credit rating agency Fitch Ratings Inc. said that typhoon Hagibis is likely to be an earnings event for Japan's main nonlife insurers – Tokio Marine Holdings Inc., Sompo Holdings Inc. and MS&AD Insurance Group Holdings Inc., Asia Insurance Review reported. Fitch expects more than half of the typhoon-related claims to be covered by the reinsurance sector or partly borne by cooperatives, with primary insurers likely to face less than half of the claims.

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