Typhoon Faxai insured losses could reach $7bn: AIR

Typhoon Faxai insured losses could reach $7bn: AIR

Typhoon Faxai insured losses could reach $7bn: AIR

Insured losses from Typhoon Faxai, which made landfall in Japan last week bringing strong winds and storm surge, will total between $3bn and $7bn, according to estimates from cat risk model firm AIR Worldwide. The typhoon made landfall on 9 September in Yokosuka, a suburb of Tokyo, with sustained wind speeds of 105mph. AIR Worldwide said Faxai reached Tokyo city…

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Reinsurers have not adequately priced for rising catastrophe exposures and climate change, which could lead to future rate increases, according to ratings agents. Reinsurance pricing has increased at recent renewals. This is in large part a response to record catastrophe losses in 2017 and 2018. Those two years combined generated losses of $200bn for the (re)insurance market, the most costly two-year…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…

Japanese earthquake exposures could reach $3trn

Japanese earthquake exposures could reach $3trn

Japanese earthquake exposures could reach $3trn

Catastrophe modelling firm Karen Clark & Company (KCC) has revealed that economic and insured exposures in Japan continue to rise and the financial cost of earthquakes in highly populated areas of the country could be massive. The firm’s latest Japanese earthquake model has found that a repeat of the 1923 Kanto earthquake in the Tokyo region could result in property…

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Risk managers need to check supply chains as South Korea-Japan spat hots up

Japan’s decision at the end of July to drop South Korea from its whitelist of countries with approved export status will only intensify the ongoing trade war between the two nations, and will likely persuade the Korean government to accelerate its recently announced investments to protect supply chains for key national industries. Risk and supply chain managers with Asian and…

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…

Fire premium rate increases expected in Japan says Fitch

Fire premium rate increases expected in Japan says Fitch

Fire premium rate increases expected in Japan says Fitch

Major premium rates increases are expected in the Japanese fire business line, according to Fitch Ratings. It pointed to planned premium increases but said the further hikes would be required. Fitch said that Japan’s three non-life groups – Tokio Marine Holdings, Sompo Holdings and MS&AD Insurance Group Holdings – have maintained strong capital buffers despite record-high weather-related losses of JPY1.6trn…

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

El Al is first airline to access Marsh’s Japanese aircraft finance insurance

EL AL Israel Airlines Limited (EL AL) is the first airline to access Marsh’s Japanese Aircraft Finance Insurance Consortium (Japanese AFIC) to support the purchase of Boeing aircraft. The consortium was launched in June 2017 by Marsh to provide an alternative aircraft finance insurance product for banks and capital market investors that are funding Boeing aircraft. Available exclusively through Marsh,…

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