The insured losses from the snowstorms in Japan in February have surpassed $1 billion despite early estimates predicted at nearly half of that.
Impact Forecasting, the catastrophe risk modelling unit of global reinsurance broker Aon Benfield, estimated that total insured losses would reach JPY60 billion ($585 million), however latest reports from Japanese insurers have surpassed this amount.
MS&AD Insurance Group Holdings has reported that the losses incurred by its subsidiaries, Mitsui Sumitomo Insurance and Aioi Nissay Dowa insurance, have reached JPY69 billion ($669 million). These are expected to rise to JPY75 billion ($727 million).
Tokio Marine & Nichido Fire Insurance reported that losses incurred have reached JPY31.7 billion ($310 million) while forecasting a loss of JPY55 billion ($533 million).
NKSJ has also reported that its subsidiaries Sompo Japan and NIPPONKOA incurred losses of JPY16.9 billion ($163 million).
The heaviest snow in decades fell across parts of Japan during a ten-day stretch, killing a combined 37 people and injuring more than 2,750 others in mostly traffic-related accidents.