Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
The Japanese catastrophe reinsurance market has reached a turning point, although property risk, engineering and casualty lines remained somewhat challenging at the April renewal, according to Aon.
Asia is a region where the significance and impact of health, health care and health insurance cannot be overstated, said QBE Singapore CEO, Ronak Shah, speaking in his capacity as General Insurance Association of Singapore president at the 19th Asia Healthcare and Health Insurance Conference yesterday morning.
The General Insurance Association of Japan (GIAJ) has revealed that JPY74.44bn ($481.03m) has been paid out, up to 31 March 2024, on claims related to the 1 January Noto Peninsula Earthquake.
Tokio Marine Holdings has announced that the Group will develop a new "Business Architect" development programme to be provided externally starting from May 2024. It would help to expand its data scientist development programme "Data Science Hill Climb" which has been offered externally since 2020.
Japan's life insurers are likely to buy more domestic sovereign bonds this year after the end of negative interest rates in the country, reported Bloomberg.
Mitsui Sumitomo Insurance Company and Aioi Nissay Dowa Insurance Co, as members of the MS&AD Insurance Group, have jointly issued the "Tomoni Re 2024" catastrophe bonds (CAT bonds) in Singapore covering domestic natural disaster risks in Japan.
Insurance industry organisation, CRESTA, which provides a global standard for risk accumulation zones and natural catastrophe industry losses, has added the Japanese Noto Peninsula Earthquake in early 2024 to its CRESTA Industry Loss Index (CLIX).
Sompo has appointed Mr Kenneth Reilly as CEO, insurance, subject to regulatory and immigration approvals. In his new role, he will be responsible for all of Sompo's insurance business across APAC.
Malakut has appointed Mr Sogo Yasuda as chief commercial officer of its newly established globally integrated Japanese insurance brokerage department. In his new role, he will be responsible for building up Malakut's global Japanese capabilities together with network partners across the globe.