Insurers expect storm disaster claims payouts of nearly $9 billion

Three Japanese insurers expect claims payout from wind and water related natural disasters this year to total $8.8 billion, Artemis reports. Claims payout for MS&AD Insurance Group Holdings Inc. could surpass 400 billion Japanese yen ($3.6 billion), while Sompo Holdings Inc. and Tokio Marine Holdings Inc. are expected to payout JPY 300 billion each. MS&AD, which reported gross catastrophe losses of JPY 463 billion, said that it could recover JPY 279 billion from its reinsurance program.

Read more.