Insurers are increasingly focusing their AI strategies on empowering employees rather than replacing them, to combat persistent workforce shortages while streamlining operations.
Verisk's Catastrophe and Risk Solutions group has estimated insured losses of the 6.8 magnitude earthquake that struck near Kumamoto City in Japan on 28 July to be between JPY220bn ($1.4bn) and JPY340bn.
Munich Re Specialty has launched a parametric earthquake insurance product for corporate clients in Japan, that supports recovery and business continuity even when no physical damage occurs.
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance have introduced an AI-powered image detection tool designed to help identify potentially manipulated claims documents, as insurers step up efforts to address the growing risk of fraud involving generative AI.
Insurance claims arising from the massive tremor that struck Japan on 28 July could exceed the average JPY175bn ($1.1bn) recorded for the country's previous six major earthquakes.
A powerful earthquake struck Kumamoto Prefecture, Japan on July 28.
The Financial Services Agency (FSA) has published a report illustrating how financial institutions manage financial risks arising from storm and flood damage (storm and flood risks) and provide support for their clients.
Japanese insurer Sompo International Holdings Ltd. announced on 21 July that a wholly owned subsidiary had entered into an agreement to acquire Fator Seguradora in Brazil. Completion of the transaction remains subject to approval from the relevant regulatory authorities.
Sompo Direct Insurance has launched a new claims portal that makes the claims notification and filing process more accessible for customers.
Mr Toshiaki Sumino has assumed the position of Chairperson of the Life Insurance Association of Japan (LIAJ), effective 17 July 2026.