Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Munich Re places 2019 insured nat cat losses below ten-year average at $52bn

Last year’s insured natural catastrophe losses of $52bn were in line with the 30-year average but down on the $67bn average of the past decade, and well below the $86bn in 2018 and record $146bn the year before that, according to Munich Re. The insured loss figure backs up the $50bn total for natural disasters from Swiss Re, which is…

Stable outlook for Japanese insurance sector, but negative for banks – Moody’s

Stable outlook for Japanese insurance sector, but negative for banks – Moody’s

Stable outlook for Japanese insurance sector, but negative for banks – Moody’s

Moody’s Japan K.K. has issued a stable outlook for 2020 for Japanese insurers. The ratings agency said life and P&C insurers show solid profit and strong capitalisation, despite challenges. In contrast, Moody’s issued a negative outlook for Japanese banks and securities companies due to the ultra-low interest rates in Japan, and ageing and shrinking population. Moody’s said the extremely accommodative…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

MSI takes 10% stake in Myanmar insurer to support Japanese customers’ expansion

Japanese insurer Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has underlined its promise to continue expanding overseas following the recent reorganisation of its international business, by announcing that the insurance supervisor in Myanmar has approved its 10% equity investment in leading local non-life insurer KBZ MS General Insurance. KBZ MS, which recently changed its name from IKBZ…

MS&AD takes $1.6bn write-down as MS Amlin fails to deliver on acquisition promise

MS&AD takes $1.6bn write-down as MS Amlin fails to deliver on acquisition promise

MS&AD takes $1.6bn write-down as MS Amlin fails to deliver on acquisition promise

Japanese insurance giant Mitsui Sumitomo & Aioi Nissay Dowa Insurance (MS&AD) will not retreat from its recent pan-Asian and international expansion strategy because of recent problems with its London operations – MS Amlin – according to credit ratings agency Moody’s. MS&AD recently announced the decision to book a $1.6bn write-down for its London-based specialty unit MS Amlin and launch a…

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business has again produced an underwriting profit in 2018, with a combined ratio of 98.9%, according to Aon. Europe averaged a 96.0% combined ratio, while Asia-Pacific averaged 100.8% and the Americas hit 97.9%. In its 14th edition of the Insurance Risk Study: Global Risk, Profitability, and Growth Metrics, Aon notes that in 24 of the top 50 markets,…

Hagibis insured losses could rise as high as $16bn according to AIR

Hagibis insured losses could rise as high as $16bn according to AIR

Hagibis insured losses could rise as high as $16bn according to AIR

Industry insured losses from Typhoon Hagibis, which hit Japan on 12 October, will be between JPY865bn ($8bn) and JPY1,730bn ($16bn), with more than half of the losses caused by inland flooding, according to catastrophe modelling firm AIR Worldwide. It is early days yet, but AIR’s initial estimate is in line with high and conservative estimates published by a number of…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Credit ratings agency AM Best believes that Typhoons Faxai and Hagibis in Japan, coupled with Hurricane Dorian that hit the Caribbean and US this year, will have a “meaningful” impact on the results of insurers and reinsurers, and support further rate increases at the 1 January 2020 and 1 April 2020 renewals. A number of leading reinsurers have already posted…

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