AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

US insurer AIG has appointed Sachin Shah as the chief executive of its Asia-Pacific general insurance business. Mr Shah, who was formerly the president, chairman and chief executive of MetLife Japan, will take up his new role at the end of December, subject to regulatory approval. He will be based in Singapore and report to AIG’s general insurance CEO Christopher…

Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Strong capitalisation for Japan’s leading P&C insurers despite record cat losses

Despite record high domestic wind and flood catastrophe losses, Japan’s leading property and casualty (P&C) insurance groups remain profitable with strong capitalisation, according to Moody’s Japan KK. However, although the profitability of the three groups’ P&C businesses in Japan remains strong, it is peaking. The three P&C insurance groups are: Tokio Marine Holdings, Sompo Holdings, and MS&AD Insurance Group Holdings.…

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Carlos Ghosn, one of the most powerful men in the global car industry, has been arrested for allegedly understating his income and engaging in other financial irregularities. The chairman of Japan-based car manufacturer Nissan, and also chief executive and chairman of Renault and Mitsubishi, is to be dismissed over the charges, bringing a likely end to a glittering career in…

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

A Japanese cybersecurity minister has been forced to contradict his own comments that he has never used a computer. There was widespread astonishment in Japan when Yoshitaka Sakurada, the deputy chief of the government’s cybersecurity strategy office, told a parliamentary committee meeting that computers had never featured in his professional life. “Since the age of 25, I have instructed my…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

Stable outlook for non-life insurance sector in Japan and South Korea – AM Best

AM Best has a stable outlook on Japan and South Korea’s non-life insurance sectors, despite the elevated risks of catastrophe losses and modest economic expansion in Japan, and operating and regulatory environments that remain challenging for insurance companies in South Korea. Best said private companies operating in Japan’s non-life insurance sector hold solid risk-adjusted capital positions and profitable underwriting results…

Parima pushes sustainability at Tokyo conference

Parima pushes sustainability at Tokyo conference

Parima pushes sustainability at Tokyo conference

Delegates at the recent Pan-Asia Risk and Insurance Management Association (Parima) conference in Tokyo heard from the high priest of a Buddhist temple, as part of the risk management association’s drive to promote corporate sustainability. Mr Kojo Morimoto, high priest of the Todai-ji Temple in the Japanese city of Nara, addressed how the temple, which has stood for more than…

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