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Japanese insurers update earthquake figures

Insurer members of the General Insurance Association of Japan have paid out ¥185,978 million ($2.15 billion) on almost 125,000 dwelling claims relating to the March 11 earthquake.

Earthquake dwelling risks are reinsured solely by the Japanese Government, and the association says the number of claims is expected to rise.

“We anticipate that the number of claim payments in Tohoku, which is where the most heavily affected areas are concentrated, will increase further, as efforts toward the rehabilitation of the devastated areas are seeing gradual progress,” the association said.

It adds that the process is being expedited through the use of aerial and satellite photography allowing some areas to be declared “total loss areas”, omitting the need for on-the-ground loss assessment.