Tokio Marine Holdings has announced that the group will report a loss of JPY53.9bn ($405.8m) in the quarter ending 30 September due to COVID-19 claims incurred by its insurance unit in Taiwan.
AM Best has upgraded the financial strength rating to A (excellent) from A- (excellent) and the long-term Issuer credit rating of “a” (excellent) from “a-” (excellent) of Singapore Reinsurance Corporation (Singapore Re). The outlook of these credit ratings is ‘stable’.
Risk
Cyber security and data privacy followed by pandemics and other communicable diseases, and administration and fiduciary risks are now ranked as the top people-related risk by companies in Asia.
A recent survey has found that the ramifications of the semiconductor industry supply chain crisis have been exacerbated by the conflict in Ukraine. The semiconductor industry serves as a major driver in the global economy.
Twenty influential business and finance peak bodies, including the Insurance Council of Australia and the Financial Services Council, have come to an unprecedented consensus on the need for sustainability reporting including action on climate risk through a new reporting regime that aims to set a global baseline.