The March 11 earthquake and tsunami has significantly affected the earnings of Japan's top three nonlife insurance in the year to March, reports the Wall Street Journal.
According to the newspaper, Tokio Marine Holdings Inc., the nation's largest nonlife insurer by market capitalization, posted a 44% drop in net profit for the fiscal year ended March because of an increase in insurance payouts after the quakes in New Zealand and Japan. The insurance claims for the quake in Japan came to ¥91.5 billion ($1.12 billion).
Property and casualty insurer, MS&AD Insurance Group Holdings Inc.'s net profit dropped 86% to ¥5.42 billion from ¥37.64 billion a year earlier, says the Journal.
Japan's No. 3 nonlife insurer, NKSJ Holdings Inc., suffered a net loss of ¥12.92 billion for the fiscal year, compared with net profit of ¥53.39 billion a year earlier. The company took a hit of ¥58 billion for quake-related claims.
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