Country: Japan Page 9 / 40
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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.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
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- August 14 2023
Tokio Marine to sell its Guam subsidiary to MGA Calvo
The deal, which will see the Japanese carrier exit the market, is expected to close in the second half of FY 2023.
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- August 8 2023
Tokio Marine sets up ‘special committee’ in response to price-fixing allegations
External lawyers to examine TMNF after Japan's four largest non-life players were accused of price-fixing, as media report says the Japan Fair Trade Commission has launched an investigation.
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- August 4 2023
Vesttoo scandal contagion to curtail Asia business
The fallout is unlikely to affect Asia cedents but could create capacity constraints for MGAs and reputational damage in the insurtech and ILS spaces.
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- August 3 2023
Mixed picture for Asia’s P&C markets in Q2 as overall composite pricing flattens: Marsh
Hong Kong led the way in overall composite rate reductions at minus 6.6% and Taiwan climbed the highest at plus 24%.
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- August 2 2023
Sompo International takes BHSI’s Emily Poh to head APAC professional lines
Singapore-based Poh will report to Paul O'Neill, regional head of commercial lines.
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- August 2 2023
Japan insurance price-fixing scandal escalates as multiple complaints come to light
Reports suggest the country's big four non-life carriers may have colluded to fix premium rates in co-insurance contracts involving Tokyu Group, Keisei Electric Railway, ENEOS and East Japan Railway, among others.
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- August 1 2023
China, Philippines and Taiwan count US$150m-plus Typhoon Doksuri damage, prepare for Khanun
Beijing is facing a historic rain event after storm damaged crops, roads, bridges, and houses and triggered landslides, with yet another typhoon threatening the region.
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- July 31 2023
Japan P&I Club sees increase in free reserves, ratings affirmed: S&P Global
The rating agency also revised the company’s financial risk profile upwards as its capital adequacy has improved to the 'AA' confidence level following a US$49m unbudgeted supplementary call.
