The prospective underwriting performance of Sompo Japan Insurance's (SJ) domestic business is expected to be impacted positively by various underwriting initiatives, including shortening the policy duration and rate increases in its fire line, says AM Best.
The main prerequisite for various key initiatives of the general insurance industry is a relationship of trust with customers and business partners and disciplined activities, according to Mr Keisuke Niiro, chairman of the General Association of Japan (GIAJ).
The 29 members of the General Insurance Association of Japan (GIAJ) posted a combined ordinary profit of JPY767bn ($5.17bn), calculated as the sum of underwriting profit and investment profit, according to the Non-Life Planning Department of The Toa Reinsurance Company.
The three largest non-life insurance groups in Japan have all positioned overseas business as a growth driver, says The Toa Reinsurance Company.
In the April renewals in Japan, cedants generally secured the reinsurance capacity they required, says The Toa Reinsurance Company in its latest annual report on Japan's insurance and reinsurance markets released earlier this month.
The Financial Services Agency's investigation into pricing collusion in auto repairs by Japanese property and casualty insurers, including Sompo Japan Insurance (SJ), could add to the major insurer's rising social risks, says global credit rating agency Moody's.
Japan's total births during the period January 2023 to June 2023 dropped by 3.6% to 370,000 as compared to a year earlier according to preliminary data released by Japan's ministry of health, labour and welfare.
Japan's Financial Services Agency plans to conduct on-site inspections of Bigmotor Co and Sompo Japan Insurance as early as mid-September as part of an investigation into fraudulent auto insurance claims by the used car dealer.
The Toa Reinsurance Company (Toa Re) has experienced net losses and negative comprehensive income in three of the last five fiscal years, notes AM Best.
FWD Group Holdings Limited marked its 10th anniversary since the FWD brand was introduced on 14 August 2013, by announcing its '10 grants in 10 markets' charitable initiative for local communities.