Japanese life and non-life insurers' underwriting fundamentals are likely to remain healthy overall in 2024, mainly because of waning effects from claims arising from the Covid-19 pandemic, Fitch Ratings says. As a result, Fitch has a neutral sector outlook for Japanese insurers.
Major life insurer Nippon Life Insurance will acquire Nichii Holdings, the parent of Japan's leading nursing care provider Nichiigakkan Co, for about JPY210bn ($1.42bn).
In Japan companies are taking a wide range of initiatives related to health and productivity management to keep their employees healthy and enhance their work performance.
The Financial Services Agency (FSA) plans to revoke Bigmotor's registration as an insurance agency on 30 November, Finance Minister Shunichi Suzuki announced yesterday.
The government plans to fund measures to boost Japan's declining birth rate by adding a surcharge to medical insurance premiums based on people's ability to pay, according to a draft outline of a new system that will collect funds widely among the public.
Japan's biggest P&C insurance group, Tokio Marine Holdings, has announced the establishment of Tokio Marine Resilience, a 100% owned subsidiary that will engage in disaster prevention and mitigation.
Japan's Financial Services Agency (FSA) is considering revoking Bigmotor's insurance agent registration following the used car dealer's automobile insurance fraud scandal, informed sources have said.
The world's leading insurance broker Marsh has teamed with a Japanese partner on an insurance agency that makes specialised recommendations on corporate coverage.
Meiji Yasuda Life Insurance Company's underwriting profitability is expected to recover from the financial year ending 31 March 2024 (FYE24) after a drop in "deemed hospitalisations" in 2023, following the government's easing of COVID-pandemic-related restrictions since May 2023, says Fitch Ratings.
Japan's transport ministry is holding hearings for Bigmotor ahead of implementing administrative penalties for 34 outlets of the Japanese used car dealer throughout the country over fraudulent auto insurance claims.