Millea Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
We would like to extend our sincere and warmest sympathies to those who have suffered damage from natural disasters.
Following our announcement on September 20, 2005, we would update the estimated incurred losses caused by major disasters both home and abroad of Japan that Millea Group has incurred so far this year:
1.Estimated incurred losses on a direct basis by natural disasters in Japan
| | Fire,etc. | Auto | Marine | Total | | Chiba NW earthquake | 0.02 | 0.00 | 0.00 | 0.02 | | Typhoon No.7 | 0.03 | 0.01 | 0.11 | 0.15 | | Miyagi offshore earthquake | 0.04 | 0.06 | 0.00 | 0.10 | | Typhoon No.11 | 0.24 | 0.04 | 0.01 | 0.29 | | Metropolitan rainstorm | 0.74 | 0.59 | 0.00 | 1.33 | | Typhoon No.14 | 5.99 | 0.98 | 0.06 | 7.03 | | Total | 7.06 | 1.68 | 0.18 | 8.92 | |
Notes
The information included in the above table presents the estimated incurred losses under both (a) policies wholly underwritten by Tokio Marine & Nichido and (b) policies led by Tokio Marine & Nichido but partially underwritten by other insurers. Policies partially underwritten by other insurers have been deemed wholly underwritten by Tokio Marine & Nichido for convenience purposes. Additionally, for convenience purposes, estimated incurred losses under policies led by other insurers but partially underwritten by Tokio Marine & Nichido are not included.
The information included in the above table also does not take into account reinsurance purchased or sold by Tokio Marine & Nichido relating to these potential loss events. The amounts indicated do not take into account amounts recoverable by Tokio Marine & Nichido from its reinsurers or increased liabilities Tokio Marine & Nichido may have under reinsurance policies it has underwritten.
The above preliminary estimates of Metropolitan rainstorm and Typhoon No. 14 losses are based on information available to us as of September 16, 2005. Also, the above preliminary estimates of other than Metropolitan rainstorm and Typhoon No. 14 losses are based on information available to us as of the end of August, 2005. These amounts will be subject to adjustment and may materially change based on the results of claim investigations and other factors. Our actual incurred losses as a result of these natural disasters may also be materially affected by reinsurance and partial underwriting arrangements.
2.Estimated net incurred losses caused by Hurricane Katrina There is no change on the estimation which we announced on September 20, 2005 as follows:
| (a) | Entities managed by Tokio Marine & Nichido including its U.S. branch; approx. 3 to 4 bn yen |
| (b) | Underwritten by Tokio Millennium Re (Bermuda), Tokio Marine Global Re (Dublin) and Tokio Marine Global (London) ; several billion yen just as our current and rough estimation although it will take a long time to fix all the amounts of reinsurance payment after direct insurance settlements. |
Notes
The above preliminary estimates are based on information available to us as of September 20, 2005. Please understand that these amounts might be subject to adjustment and may materially change based on the results of claim investigations and other factors.
We are now in the process to assess the effect by Hurricane Rita and would make an announcement on this issue later on.
