Country: Japan Page 18 / 50
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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- October 3 2023
SMBC Aviation receives US$710m insurance settlement for jets stranded in Russia
The Japanese lessor had commenced litigation in the Irish courts late last year against 11 insurers over its 34 aircraft stuck in Russia following European sanctions.
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- September 28 2023
Tokio Marine domestic fire lines to benefit from rate hikes, says AM Best while affirming its ratings
Double-digit growth in premiums and profits from US operations boost the Japanese carrier's international business despite Taiwan Covid-19 losses.
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- September 28 2023
Price fixing by Japan’s big four carriers extends to more than 100 clients: report
The findings are from internal probes, which will be handed to the Financial Services Agency on Friday this week.
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- September 25 2023
AM Best affirms Sompo Japan’s ratings on strong overseas business growth
The Japanese insurer’s international arms bring in 38% of net premiums, 74% of adjusted profits in FY 2022, the rating agency said.
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- September 20 2023
Typhoon Nanmadol’s final loss count is US$850m: Perils
The storm hit the Japanese islands of Kyushu and Shikoku and the western and central regions of Japan’s main island of Honshu in September last year.
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- September 19 2023
FSA searches Sompo Japan premises over Bigmotor probe: report
The inspection is to determine the extent to which the insurer was aware of Bigmotor's fraudulent activity.
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- September 11 2023
Hannover Re expects APAC rates to harden further in 2024 after 1.4, 1.6 and 1.7 uplift
The reinsurer expects insurers to raise retentions for nat cats to counter increased costs, as it secured better prices and conditions, especially for non-proportional treaties.
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- September 11 2023
Hong Kong to see most claims since 2018 typhoon after record rainfall; Shenzhen also hit
Rates to harden as insurers count costs of BI claims, damage to vehicles, flats, roads, hotels, shopping malls and metro stations caused by flooding, according to market experts.
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- September 8 2023
Sompo Japan CEO Giichi Shirakawa steps down over Bigmotor scandal
The top executive will resign and take responsibility for the company’s handling of the insurance fraud, while a nomination committee has been constituted to find a successor.
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- September 4 2023
Typhoon Saola triggers claims across Hong Kong, Macau, China and the Philippines as Haikiu hits Taiwan
The storm to bring loss accumulation of tens of millions of dollars from flooding, crop damage, car and yacht write-offs, flight disruptions, fallen solar panels and trees.
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- September 1 2023
Toa Re on course to improve its underwriting performance: AM Best
The rating agency has affirmed an A (excellent) with a stable outlook for the Japanese reinsurer though its COR has remained about 100% for the last five financial years.
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- August 31 2023
Three Japanese majors to raise motor premiums for first time in four years; Sompo Japan postpones hike: reports
TMNF, Mitsui Sumitomo and Aioi Nissay Dowa plan to raise rates by up to 3% in January, while Sompo to hold prices as it recovers from the Bigmotor fraud scandal.
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- August 31 2023
Francis Savari lands UIB Asia Reinsurance Brokers CEO role as Hiroki Miyamoto moves to London
Singapore-based treaty specialist Savari (pictured left) joins the broker as Miyamoto aims to help facilitate Japanese client business from the UK.
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- August 24 2023
Claims’ payouts from Japan’s July floods hit US$164m: GIAJ
Record rain hit several prefectures including on Kyushu, Japan's third largest island, resulting in over 25,000 claims for damage to vehicles and property.
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- August 22 2023
BMS names Tim Hewitt as head of Japan
Hewitt, who has two decades of legal experience, will focus on inbound-outbound M&A activity as growth in the Japanese market accelerates.
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- August 22 2023
Mitsui Sumitomo pays out US$26m to ispace in lunar insurance claims
The Japanese space startup received the insurance payment on August 18 following the failure of its Hakuto-R Mission 1 lander mission in April this year.
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- August 17 2023
Chubb announces new country heads for Japan, Korea
Edward Kopp has been named regional president for the Far East and country president, Japan, and Janice Mo takes over as country president for Korea.
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- August 16 2023
Hawaii wildfire insured property losses to hit US$3.2bn: KCC
Tokio Marine, DB Insurance and MS&AD have exposure to the state's 'most destructive' ever fire, which has burned over 2,200 structures in the historic town of Lahaina.
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- August 15 2023
Typhoon Lan makes landfall in Japan
The authorities have issued flood and landslide warnings after powerful storm skirts near Osaka with the (re)insurance community on high alert.
