Mr Akio Negishi, chairman of the Life Insurance Association of Japan (LIAJ) has said that because of the COVID-19 pandemic, there is a need to figure out the way forward for some time and that the present high degree of uncertainty will continue.
Japanese airline JAL has partnered with Allianz Travel to offer COVID-19 cover for the travel needs of its passengers.
Guy Carpenter has announced the appointment of Pietro Toffanello as head of Japan in Q1 2021.
Travel insurance and assistance provider Cover-More and Zurich Insurance Japan have started a partnership to offer travel insurance services to the flyers on Japanese airlines Peach Aviation. Peach Aviation currently services seven cities in Japan including Tokyo, Osaka and Sapporo.
In Japan, the pandemic has had a negative impact mainly on the new policy sales while in-force business, capital and profitability have largely remained unscathed according to an analysis by Moody's Japan K K.
The IFRS Council of Japan has submitted a comment letter on the IFRS Foundation Consultation Paper on Sustainability Reporting that was published on 30 September 2020. The Life Insurance Association of Japan and General Insurance Association of Japan, along with the concerned parties from the public/private sector in Japan, participated in the group to develop the comment letter.
Despite pressure from the pandemic, Japanese life insurers are expected to maintain their healthy profitability in 2021.
Mitsui Sumitomo Insurance Company (MSIC), a subsidiary of MS&AD Insurance Group Holdings, is making a capital investment of $350m in California-based InsurTech group, Hippo Enterprises.
Asahi Mutual Life Insurance Company's underwriting business has been stable due to its effective focus on third-sector insurance, notes Fitch Ratings.
Four major domestic life insurance companies have announced that they will strengthen their commitments to Environmental, Social and Governance (ESG) investment in the second half of the fiscal year ending 31 March 2021 (FY2020), focusing on how the companies in which they invest address the environment and other issues.