Competition is intensifying among insurance companies involved in group credit life insurance in Japan, says the Life Planning Department of The Toa Reinsurance Company (Toa Re).
The domestic non-life business of Japan's biggest general insurance company, Tokio Marine & Nichido Fire Insurance (TMNF), is expected to benefit from ongoing rate hike initiatives in key business lines, says AM Best.
The April reinsurance renewals for 2024 in Japan were orderly and in general proceeded with stable terms and conditions, according to The Toa Reinsurance Co (Toa Re).
The net income of The Toa Reinsurance Company (Toa Re) has turned around since fiscal-year 2022 (FY2022), notes AM Best.
An estimated 2m to 3m customer records were leaked in a data breach involving Japan's four leading property and casualty insurers, Kyodo News Agency reported, citing sources close to the matter.
National Australia Bank (NAB) has agreed to sell 80% of its life insurance arm to Japan's Nippon Life Insurance Co for about US$1.7 billion, said a person familiar with the matter.
Meiji Yasuda Life Insurance Company has announced that its US subsidiary StanCorp Financial Group has reached a $2-bn agreement with The Allstate Corporation, a major US property and casualty insurance company.
Giant life insurer, Dai-ichi Life, demonstrated a mixed financial performance in the first quarter of the current fiscal year which started on 1 April 2024 (FY24). The company faced a decline in premium income but saw improvements in other areas, including investment income and core profit, says CreditSights, a FitchSolutions company.
Four major Japanese non-life insurers will raise corporate fire insurance premiums from October, reported Jiji Press quoting informed sources.
Insurers are seeing rapidly growing demand for heat-related illness coverage in the sweltering summer and are offering flexible insurance plans that are easy to purchase.