AIR Worldwide forecasts that insured losses from Typhoon Faxai will be between JPY340bn ($3bn) and JPY740bn. The loss estimates include insured damage to property (residential, commercial, industrial and agricultural/mutual), both structures and their contents as well as automobiles from wind and storm surge.
Still reeling from previous Nat CAT losses, Japan was once again struck by another Nat CAT earlier on Monday when the powerful Typhoon Faxai struck Tokyo and nearby regions, signifying a potential for relatively high insurance losses as the country gets ready to host the Rugby World Cup later this month and the 2020 Tokyo Olympics next year.
State-owned general insurer National Insurance Company has been handed a INR10,000 ($139) penalty by a regional district consumer disputes redressal forum for not paying the claim of a customer whose phone had suffered damages after an accident, reported the Times of India.
The 1st annual certified private insurance investigator seminar was organised by the Insurance Institute of India (III) in Mumbai recently. The event with the theme 'quality investigations = quality results and cost savings in claims management' deliberated on the growing phenomenon of insurance fraud globally and the urgent need for trained personnel to deal with it.
The revised estimate of the property insurance market loss for the Townsville/northern Queensland flooding event in Australia between 26 January and 10 February 2019 stands at A$1.217bn ($826.4m) according to the third property loss estimate released by PERILS, an independent catastrophe insurance data provider.
Major non-life insurers in Japan are planning to increase automobile insurance premiums by about 3% in January next year, reported local news agency Jiji Press citing industry sources.
With cancer being the leading cause of death in Singapore accounting for nearly 30% of deaths every year, Singapore Life is set to offer protection by launching two cancer insurance products on 8 August 2019, the eve of Singapore's 54th National Day.
The Taiwan government has passed a draft bill to increase insurance coverage for crops and livestock which are damaged by epidemics, pests and natural disasters according to a report from the Taipei Times. The yearly economic costs of such damage averages around NT$10bn ($321.8m) and the bill allows farmers to receive more compensation from insurers as well as government-certified farmers' associations.
Businesses in China, Japan and India are seeing an estimated average loss of nearly 10% of their revenue due to cyber attacks, revealed a new report from global research initiative titled 'The Cybersecurity Imperative'. In fact, annual losses from cyber attacks globally averaged $4.7m in the last fiscal year with over one in 10 firms losing over $10m. This highlights that most companies across industries and regions are witnessing a greater volume of cyber attacks and higher losses per incident.
The Insurance Regulatory and Development Authority of India (IRDAI) has clarified that only new private cars and two-wheelers will be covered by new rules governing long-term third-party motor insurance, reported local publication Financial Express. While existing vehicles can continue to renew their policies on an annual basis, it will be compulsory for new private cars to go for three-year policies and for new two-wheelers to go for five-year policies.