Insurance claims for 2024 Noto Peninsula earthquake hit ¥74.4 billion by March

Insurance claims for 2024 Noto Peninsula earthquake hit ¥74.4 billion by March | Insurance Business Asia

Catastrophe & Flood

Insurance claims for 2024 Noto Peninsula earthquake hit ¥74.4 billion by March

Prefectures reported different levels of impact

Catastrophe & Flood

By
Roxanne Libatique

The General Insurance Association of Japan (GIAJ) has issued updated figures for insurance claims from the Noto Peninsula earthquake that occurred on Jan. 1.

The insurance claims – according to data collected up to March 31 – are a joint tally by members of the GIAJ and the Foreign Non-Life Insurance Association of Japan.

Niigata Prefecture submitted 25,395 insurance claims, with 22,664 investigations completed and 15,605 claims resulting in payments, which amounted to ¥12.9 billion.

Toyama Prefecture saw 34,512 claims lodged, leading to payments for 22,828 claims, which totalled ¥17.1 billion.

Ishikawa Prefecture recorded the highest with 54,426 claims, 38,445 of which were paid, totalling ¥41.5 billion.

Fukui Prefecture reported fewer incidents with 3,924 claims, resulting in payments for 2,008 claims totalling ¥1.3 billion.

Other affected areas submitted a total of 10,006 claims with payments amounting to ¥1.7 billion.

Overall, a total of ¥74.4 billion was paid out based on 81,544 settled claims out of 115,171 completed investigations from an initial 128,263 claims filed.

Largest claims paid for earthquake insurance in Japan

These statistics are contextualised within a history of significant earthquake-related insurance claims in Japan.

The 2011 Tohoku earthquake leads with significant payments of ¥1.3 trillion for over 826,000 claims. This is followed by the 2016 Kumamoto earthquake with payments nearing ¥391 billion.

The list includes other notable earthquakes, such as two events in Fukushima-ken-oki and quakes in Northern Osaka and Hokkaido, demonstrating the ongoing financial impact of seismic activity in the region.

The recent figures from the Noto Peninsula Earthquake place it as the seventh highest in terms of total payments at ¥74.4 billion.