Country: Japan Page 7 / 40
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- January 30 2024
Japan government loss estimates for Noto earthquake up to US$17.5bn, insurance claims filed top 50,000
Damage to public infrastructure is expected to account for half of the losses, while Ishikawa prefecture is the worst hit.
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- January 29 2024
Toa Reinsurance’s earnings could seesaw on nat cat and social inflation risks: S&P
Still, taking into account its strong capitalisation S&P Global Ratings has affirmed its 'A' rating on the reinsurer, despite reporting COR at over 100% for five consecutive years.
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- January 29 2024
Sompo commits to fixes and reviews as FSA issues six-point business improvement order
The Japanese insurer is taking measures including clarification of management responsibilities related to Bigmotor, and make insurance premium adjustment.
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- January 23 2024
Sompo Holdings CEO Kengo Sakurada to step down in March over BigMotor scandal: report
President and chief operating officer Mikio Okumura is expected to succeed Sakurada as CEO at the insurance group holding company.
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- January 19 2024
Volante’s Steven Harwood joins Fusion Specialty as managing partner in Japan
Tokyo-based Harwood was most recently Asia Pacific at Acrisure-backed specialty MGA Volante.
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- January 18 2024
Tokio Marine fully exits Saudi Arabian business
Tokio Marine & Nichido Fire Insurance has agreed to sell its remaining stake of Arabian Shield Cooperative Insurance to Alinma Bank.
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- January 15 2024
NorthStandard expands Japan P&I collaboration with Tokio Marine
The partnership will see the P&I club handle claims and underwriting matters, while the Japanese carrier will bring its sales network to reach new customers.
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- January 12 2024
Insured losses from Japan earthquake could reach US$6bn: Moody’s RMS
The final estimates could inch upwards as this model does not include losses to non-modelled exposures such as transport and utility infrastructure, government, or automobile lines, the cat modeller said.
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- January 11 2024
ILS fund Leadenhall hires Yuko Hoshino to grow Japan, Asia fundraising
London-based Hoshino will report to Lorenzo Volpi, managing partner and deputy CEO of the Mitsui Sumitomo-backed ILS investment manager.
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- January 10 2024
Minimal impact seen on insurers following Japan earthquake: Fitch
The three non-life carriers have limited net retention on residential earthquake risk, which is run by the government, and on commercial risks, which is largely reinsured.
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- January 10 2024
Japan earthquake: BI, supply chain claims add to climbing loss estimates topping US$5bn
With early forecasts ranging from US$1-6.4bn, largely from property losses, a greater number of claims are anticipated once access is restored, loss adjusters say.
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- January 9 2024
Japan earthquake insured losses could be up to US$3.3bn: Verisk
While most of the damage occurred in Ishikawa prefecture, including a large fire, damage from ground shaking and liquefaction was observed in other prefectures such as Niigata and Toyama.
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- January 5 2024
Economic losses from Japan quake to top billions of dollars, says Aon
The earthquake will likely become a notable event for the local insurance sector and generate significant payouts, the broker said in its weekly cat report.
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- January 5 2024
Japan earthquake losses manageable for carriers but may impact 1.4 renewals: AM Best
Insurers’ conservative reinsurance strategies and low attachment point mean they have transferred earthquake risks to the international reinsurance market.
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- January 4 2024
AIG leads US$130m all-risk cover for Japan Airlines plane: report
The Japanese airline has estimated a US$104m operating loss following the collision of its flight JL516 with a Japan Coast Guard aircraft at Tokyo’s Haneda Airport and complete loss of one aircraft on January 2.
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- January 1 2024
Japan issues highest tsunami warning after 7.6-magnitude earthquake rocks Ishikawa
Hundreds of houses collapsed, power, telecoms and internet services disrupted, planes and high-speed trains cancelled as the country braced for the first major tsunami warning since the 2011 Tohuku earthquake.
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- December 22 2023
FSA to issue business improvement orders to Japan’s big four for price-fixing: report
- Legal/Regulatory
- Japan
- Aioi Nissay Dowa Insurance
- Mitsui Sumitomo Insurance
- Sompo
- Tokio Marine & Nichido Fire
The regulator has determined that there were deficiencies in the company's internal control system, including rampant transactions that could potentially constitute cartels.
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- December 22 2023
Tokio Marine board shake up will see new group chairman and CEO for Japan non-life arm
Hiroaki Shirota will take over as CEO of Tokio Marine & Nichido Fire from April 1 as current chief executive Shinichi Hirose is set to become chairman of the board of directors with Satoru Komiya stepping down.
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- December 19 2023
Japan antitrust regulator carries out on-site investigation on big four insurers over price fixing allegations
Tokio Marine & Nichido Fire, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan confirmed in separate announcements that they are being probed by the Japan Fair Trade Commission.
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- December 19 2023
Tokio Marine Holdings’ managing executive officer Robert O’Leary resigns
O'Leary has also been serving as the chairperson of the Japanese insurance group's US subsidiary Philadelphia Consolidated Holding since January 2021 and was formerly its president and CEO.
