Reinsurance News
Japan
Fitch forecasts resilient credit fundamentals for Japanese non-life insurers in FYE24
30th June 2023
Fitch Ratings has projected that the credit fundamentals of Japanese non-life insurance groups are expected to maintain their resilience throughout the financial year ending in March 2024 (FYE24). Despite facing profitability challenges in FYE23, the three major insurers in Japan, namely MS&AD Insurance Group Holdings, Inc., Tokio Marine Holdings, Inc., and ... Read the full article
Japan Post Insurance in strategic partnership with KKR & Global Atlantic for expansion, diversification
7th June 2023
Japan Post Insurance, KKR along with its subsidiaries, and Global Atlantic Financial Group announced a strategic partnership, enabling Japan Post Insurance access to KKR and Global Atlantic's platforms to enhance its growth and diversify its business portfolio into overseas markets. Additionally, Japan Post Insurance will make a material investment in a ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Global business insolvencies expected to rise in 2023, 2024: Allianz Trade
17th April 2023
Global business insolvencies are expected to rise +21% in 2023 and +4% in 2024, after a small rebound by +2% in 2022 after two years of decline due to the pandemic, according to Allianz Trade. The trade credit insurer noted global business insolvencies might stay -5% below their pre-pandemic levels ... Read the full article
Better alignment for Japanese business at 1/4 reinsurance renewals: Gallagher Re
12th April 2023
The April 1 reinsurance renewals saw a better alignment of client and reinsurer expectations in Japan in the casualty market, according to Gallagher Re's 1st View report. For Japanese buyers, both client and reinsurers expectations were better aligned than at January 1, which led to a more orderly renewal process, the ... Read the full article
Fortitude Re continues growth with two reinsurance transactions in Japan
3rd April 2023
Fortitude Re has announced the closing of two reinsurance transactions with leading Japanese life insurance companies. Both block reinsurance deals, executed through one of Fortitude Re’s Bermuda-based subsidiaries, Fortitude International Reinsurance Limited, are comprised of whole life insurance policies. The cedants will continue to service and administer the reinsured policies. Sidley Austin LLP ... Read the full article
Creditworthiness of Japan’s insurers likely to remain stable in 2023: S&P
13th February 2023
With inflation and its consequences roiling global financial markets, preparations for tougher times by Japan’s insurers are looking to have paid off, according to S&P Global Ratings. In S&P’s view, the creditworthiness of Japan’s insures will likely remain stable in 2023. With financial markets likely to continue to fluctuate due to central ... Read the full article
Japanese insurers in talks with reinsurers to resume coverage in Russian waters
29th December 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers to resume those operations. The three insurers told shipowners that they would ... Read the full article
AM Best stable on Japan non-life insurance market, despite tough road ahead
10th October 2022
AM Best has maintained its stable market segment outlook on the Japan non-life insurance segment given recent profitable underwriting performance and the likelihood carriers will maintain positive results in the face of expected economic headwinds. In Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance,” the rating agency notes that Japan’s economic ... Read the full article
Tough road ahead for Japanese life insurers: GlobalData
28th September 2022
Japanese life insurers face a series of tough challenges over the next five years because of the country’s ageing demographic and economic factors, according to GlobalData. The data and analytics company has forecasted that the Japanese life insurance industry is expected to grow at a compound annual growth rate (CAGR) of ... Read the full article
Typhoon Nanmadol could attach some higher-risk reinsurance programs, says Twelve Capital
20th September 2022
A new note from Twelve Capital says that Typhoon Nanmadol, which is battering Japan, is likely to causes losses high enough to attach at least some higher-risk reinsurance programs. The typhoon, which hit the Japanese island of Kyushu on September 18th with reported wind gusts as high as 150mph, has led ... Read the full article
Japanese fire premiums to rise amid increasing climate risk: Moody’s
8th September 2022
Moody’s predicts that Japanese P&C insurers will increase fire insurance premiums, shorten policy durations, and use location-specific pricing to account for the growing frequency and intensity of climate-related natural catastrophes. This will be a credit positive for insurers, says Moody’s, as it will give them greater flexibility to lower premiums for ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
Miller acquires Japanese broker Lead
7th July 2022
Independent specialist re/insurance broker, Miller, has announced the acquisition of Tokyo-based Lead Insurance Services Limited (Lead). According to the announcement, this acquisition cements a longstanding relationship between the two businesses. The Japanese broker specialises in Hull, War Risks and Protection & Indemnity insurance, which, according to Miller, offers a highly complementary service ... Read the full article
Outlook “favourable” for Japan’s major non-life groups – S&P
28th June 2022
In its latest industry report card, S&P says Japan's three major non-life insurance groups' consolidated net income is likely to remain favourable. Their net income soared more than 100% from the previous year, while the country’s major life insurers core profit in 2021 increased about 11% from the previous year. Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
