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Chiba Heavy Rain Insurance Payouts at About 35.4 Billion Yen, Kumamoto Quake at About 23.8 Billion Yen, General Insurance Association Says
The General Insurance Association of Japan announced on the 17th that insurance payouts by non-life insurers related to August's heavy rain in Chiba Prefecture had reached a total of about 35.4 billion yen as of August 28, including projected amounts. The breakdown shows vehicle insurance covering 19,182 vehicles for a total of about 20.6 billion yen, and fire insurance covering 10,405 cases for a total of about 14.3 billion yen. Meanwhile, for the Kumamoto earthquake that struck in July, earthquake insurance payouts came to 30,838 cases, with total insurance payments reaching about 23.8 billion yen. Koji Ishikawa, chairman of the association, said new claims and inquiries continue to arrive daily, and stated that the industry as a whole will work on insurance payout procedures.
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Verisk Maplecroft warns Asia faces unrest risk from food crisis as Thailand's sugar output slumps
Verisk Maplecroft, a risk consultancy, warns that erratic weather and the fallout from the Iran war could heighten food security risks in Asia and may lead to social unrest and political instability in vulnerable countries such as India, Indonesia and the Philippines. In a report published on 17 September, it said the Iran war has affected the supply of fuel and fertiliser, key inputs for the agricultural sector, while extreme weather from a strong El Niño is also hitting farm output in several Asian countries. Indonesia, the world's largest palm oil producer, is battling hard-to-control wildfires that are disrupting harvests, while India, the world's largest rice exporter, has seen monsoon rainfall 15% below normal. Thailand, meanwhile, is likely to see a sharp drop in sugar output and remains heavily dependent on energy and fertiliser imports, while facing pressure from farmers' debt burdens ahead of the next planting season. Data from Verisk Maplecroft's food security index shows that more than half of the countries at high or critical risk on food security are also in the two highest-risk groups on its civil unrest forecast index, including India, Bangladesh, the Philippines and Indonesia. Protests have already broken out in the Philippines and Indonesia in recent weeks, and Verisk Maplecroft warns that if pressure from food prices and supplies intensifies and governments are seen as responding ineffectively, it could lead to unrest and political instability in these high-risk countries. In countries already facing conflict, such as Afghanistan and Myanmar, a food shock could increase the risk of a humanitarian crisis.
Cabinet approves national disaster insurance scheme covering 30 million households, starting October 1
The Cabinet has approved the establishment of a national disaster insurance system, as proposed by the Ministry of Interior through the Department of Disaster Prevention and Mitigation, to shift disaster management from post-event relief toward advance risk management and transfer through an insurance system. Operations will begin on October 1. Ekkaphop Pienpiset, spokesperson for the Prime Minister's Office, said the system allows the state to determine in advance which risks it will retain and which will be distributed or transferred to the insurance system, helping reduce uncertainty in the budget burden and giving the public faster access to compensation. For residential coverage, the scheme will cover approximately 30 million households, based on housing statistics from the Bureau of Registration Administration under the Department of Provincial Administration as of September 10. It covers damage from floods, windstorms, and earthquakes, with maximum coverage of 100,000 baht per household per event. For floods, the initial compensation is 10,000 baht, with additional compensation of up to 90,000 baht per event. For windstorms and earthquakes, the initial compensation is 5,000 baht, with additional compensation of up to 95,000 baht per event. The scheme also provides coverage of 2 million baht per person in the event of death from such disasters. The Cabinet assigned the Bureau of the Budget to allocate budget funds in line with the specified framework and objectives, while the Office of the Insurance Commission, together with the Thai General Insurance Association, will procure insurers that are standard-compliant, stable, reliable, and fair. The Department of Disaster Prevention and Mitigation will serve as the budget-receiving unit and disburse funds to insurers in accordance with the prescribed criteria.