Gallagher Re has appointed Mr George Sherriff as CEO and Mr Tsuyoshi Noguchi as chairman.
General insurers in Japan have paid out a cumulative JPY84.89bn ($540m) in claims as of 26 April 2024 for the 1 January Noto Peninsula Earthquake, announced the General Insurance Association of Japan (GIAJ).
Three major Japanese non-life insurance companies have posted record consolidated net profits for the year ended 31 March 2024 (FY2023).
Global reinsurer MS Reinsurance, part of the world-leading insurance group MS&AD, has produced a net profit of $366m for 2023, a significant turnaround from a net loss of $50m for 2022.
Tokio Marine Holdings (TMH), Japan's biggest P&C insurance group, has announced that it chalked up an 85.7% jump in net profits attributable to owners of the parent company to JPY695.8bn ($4.46bn) in the fiscal year ended 31 March 2024 (FY2023).
Nippon Life Insurance Company (Nippon Life), the biggest life insurance company in Japan, has announced that it has reached an agreement with Corebridge Financial and its parent company American International Group (AIG) to acquire a 20% equity interest in Corebridge.
Asahi Mutual Life Insurance Company is expected to see a fall in hospitalisation claims, a development which should help restore its profitability from the financial year ended 31 March 2024 ( FYE24), says Fitch Ratings.
According to the PERILS Industry Exposure Database (IED) 2024, the impact of inflation on insured exposures "continues to be visible". For instance, the PERILS IED for wind Japan remained stable in terms of JPY with y-o-y growth in "low single digits". However, when compared to the USD, the sums insured represented a decline of 5.1% y-o-y due to the appreciating dollar.
Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
The Japanese catastrophe reinsurance market has reached a turning point, although property risk, engineering and casualty lines remained somewhat challenging at the April renewal, according to Aon.