Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Japanese insurer warns of unknown cyber liabilities in P&C policies

Insurers could be liable for massive cyber losses they are unable to cover due to the loose wording of their property and casualty (P&C) policies. A senior executive at one of Japan’s biggest insurers, Sompo International, issued the warning to the Financial Times. Nigel Frudd, Sompo’s chief strategy officer, said the prolonged soft market in the P&C sector had led…

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Another “exceptional performance” in China, together with solid expansion among the emerging countries, saw global non-life premiums grow 3.7% in 2016, down from 4.2% in 2015 but more than the ten-year average growth rate of 2.0%, according to Swiss Re. The reinsurer’s latest sigma report, World insurance in 2016: the China growth engine steams ahead, reveals that premium growth in…

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Three former executives at the Fukushima Daiichi nuclear power plant have pleaded not guilty to charges of professional negligence, in the only criminal trial to have resulted from the 2011 nuclear disaster. Tsunehisa Katsumata, chairman of Tokyo Electric Power Plant at the time of the incident, issued an apology to the Tokyo court at the commencement of the trial but…

Japan sees surge in cyber insurance

Japan sees surge in cyber insurance

Japan sees surge in cyber insurance

Insurers have reported a sharp increase in the adoption of cyber insurance policies among Japanese businesses. Mitsui Sumitomo Insurance said the adoption of cyber insurance policies during 2016 increased by 250%, while Sompo Japan Nipponkoa Insurance reported a 350% increase in premiums paid during the same period. Tokio Marine & Nichido Fire Insurance saw adoption roughly triple and AIU Insurance…

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Takata prepares for bankruptcy after product recall woes

Japanese airbag manufacturer Takata is expected to file for bankruptcy later this month after suffering one of the biggest product recalls in recent memory. According to Bloomberg, Takata will seek bankruptcy protection in Japan before filing for Chapter 11 bankruptcy in the US. Further evidence of the likely bankruptcy was provided by the fact that Takata’s shares were suspended on…

Japan readies legislation for drones and driverless cars

Japan readies legislation for drones and driverless cars

Japan readies legislation for drones and driverless cars

In an effort to ignite its flagging commercial sector, Japan is looking to introduce legislation for the commercial use of delivery drones and driverless cars and other fintech features. The new rules will enable the use of drones for delivering consumer goods by 2020 and driverless vehicles for commercial use by 2022. In addition, Japanese lawmakers are also looking to…

Fitch forecasts steady underwriting profit for Japan’s non-life insurers

Fitch forecasts steady underwriting profit for Japan’s non-life insurers

Fitch forecasts steady underwriting profit for Japan’s non-life insurers

Japan’s non-life insurers can expect to maintain a modest underwriting profit despite an expected cut in auto insurance premiums, according to ratings agency Fitch. Auto insurance has been a mainstay for many Japanese non-life insurers but a more prudent approach to underwriting is predicted on account of a number of likely headwinds, states Fitch in its latest report: Japan Non-life…

1 2 3 6