Nippon Life Insurance Company (Nissay) has a track record of consistently strong operating performance, mainly supported by a stable trend of core operating profit and a five-year average return-on-equity of 7.2% (fiscal years 2017-2021), as calculated based on comprehensive income, AM Best has pointed out.
At the beginning of the year, the chairperson of the life insurance industry of Japan (LIAJ) Seiji Inagaki published a new year's message. In it, he emphasised the importance of the life insurance industry in a world still gripped by the pandemic and laid out plans for the coming year. The full message can be read below:
Japan will release more than 1m tonnes of water into the sea this year from the destroyed Fukushima nuclear power plant.
New research by CoinJournal, a publication that focuses on cryptocurrency, looked at available data around major breaches and fraud since 2011 to reveal which Asian countries had experienced the most breaches and how crypto fraud has seen a record number of incidents in 2022.
S&P has placed Sumitomo Life's issue ratings on CreditWatch with negative implication, which implies a possible downgrade if the insurer's declining solvency ratio continues to worsen. S&P said this reflects a rising possibility of deferral of interest payments on subordinated notes. This deferral will be triggered by the insurer booking a regulatory solvency margin of less than 200%.
Japanese insurers' underwriting fundamentals are likely to recover during 2023, as the negative effects from the COVID-19 pandemic subside, Fitch Ratings says.
Tokio Marine Holdings has increased its shareholding in Asuransi Tokio Marine Indonesia (TMI) from 60% to 80% through its wholly owned subsidiary, Tokio Marine Asia.
Japan's MS&AD Insurance Group Holdings has decided to cut down its personnel costs and increase productivity by adopting relevant technology.
The Japanese insurers now offer insurance covers that pay out to companies if employees go on parental leave, eyeing growing demand for such services from employers grappling with the impact of more people, particularly men, taking time off.
The life insurance market in Advanced Asia Pacific is expected to see premiums decline by 6% in real terms in 2022, according to Swiss Re Institute (SRI).