March 28, 2011
Japan EQ and Tsunami - Claims Update


Asia | Singapore
vrs Insight Asia Pte. Ltd.

Our prayers continue for the people of Japan during this difficult time following the recent earthquake and tsunami.


Last weekend Nehemiah Neo, vrs Asia Pacific Director, visited Japan in his role as the main coordinator for vrs claims arising from this appalling catastrophe. He understands that so far some 200,000 claims (and still counting) have been reported to all non-life Japanese insurers; of this total, 90% are personal lines losses with the balance 10% being commercial claims.


Our local partner have a considerable market share, and their Tokyo Office is taking charge of these claims with 60 adjusters working late hours on a 24/7 basis to serve their local and international clients. Senior adjusters from several vrs offices are on stand-by to provide reinforcement to their local colleagues. Our local team is doing a remarkable job under very difficult and trying circumstances. As there is still the danger of further aftershocks and continued concern over the nuclear situation, our local adjusters working in the more sensitive areas have been ordered to return home each night. We are sure that our clients can understand that the safety of staff is paramount. Site visits are now possible to the hard hit areas except for those that are in close proximity to the affected nuclear plant. Trains are still disrupted, but despite the damage to the environment and the infrastructure, our adjusters are still able to reach the more challenging sites using public buses (where limited seats are available) and cars (where petrol is in short supply).


Nehemiah Neo is now visiting the London Market and it is apparent that the supply chain consideration under property business interruption covers is becoming an increasing concern, since Japan is a major global manufacturer and supplier of sophisticated products including hi-tech and precision parts. Nehemiah Neo is a member of the vrs adjusters' global specialist unit handling supply chain extension claims, which is now receiving a steady flow of claim notifications involving this major potential concern.


Contact:       Damien Glynn: dglynn@vrsvericliam.co.uk 
                   Mobile:+44 7920 877 658

                   Nehemiah Neo: nneo@vrsadjusters.com
                   Mobile: +65 9818 7238