Insurers on hook for $87M in vehicle flood damage claims

Insurers in Japan are expected to pay about 13.03 billion Japanese yen (US$87 million) for nearly 17,000 vehicle insurance claims following record-breaking rains that hit Kyushu and Yamaguchi in August, according to the General Insurance Association of Japan, Asian Insurance Review reports. Kumamoto Prefecture was the hardest hit, accounting for more than 12,000 claims, while the GIAJ also warned policyholders to beware of fraudulent solicitations after the disaster.