Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

The estimated insured property losses from Typhoon Jebi, which hit Japan on 4 September, could reach somewhere between $2.3bn and $4.5bn according to catastrophe risk modelling firm AIR Worldwide. The typhoon, which was the strongest to hit Japan in 25 years, made landfall in Japan at midday on the island of Shikoku with sustained wind speeds of 180km/h. It then…

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Tokio Marine buys minority stake in South Africa’s Hollard Insurance

Japanese insurer Tokio Marine Holdings is to buy a minority stake in South Africa’s Hollard Insurance, in a bid to help both companies expand through Africa. Reports say Tokio Marine will pay ZAR5bn for a 22.5% shareholding in Johannesburg-based Hollard. Hollard already has a presence in South Africa, Botswana, Namibia, Ghana, Mozambique and Zambia. The deal gives Tokio Marine a…

Japanese non-life insurers to raise fire premiums in 2019

Japanese non-life insurers to raise fire premiums in 2019

Japanese non-life insurers to raise fire premiums in 2019

Fire premiums in Japan are set to rise in 2019, according to Fitch Ratings, after increases were recently approved by Japan’s Financial Services Agency. Fitch said that high losses on the fire business due to natural disasters had been a drag on non-life insurers’ overall performance in recent years, dampening a downward trend in the large non-life insurers’ average combined…

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Insured losses for flooding in western Japan could hit $4bn after record rainfall 

Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the flooding in western Japan caused by excessive rainfall from 28 June to 8 July will be between $2.6bn and $4bn. Several days of record-breaking rainfall between 28 June and 8 July led to widespread inland flooding in more than 30 prefectures across western and south-central Japan. The rainfall…

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

Global catastrophes made June the most active month for natural disasters this year, with insurance claims led by more than $3bn of losses from eight recorded convective storms and flash floods in the US, according to Aon’s Impact Forecasting. Large hailstones, some the size of baseballs, and winds affected parts of the Rockies, Plains, midwest, southeast and northeast in the…

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China braces for deadly typhoon as Japan counts human and economic cost

China is bracing itself for the impact of Typhoon Maria, which has already led to the deadliest flood disaster in Japan since 1983, caused huge disruption and will lead to heavy insured losses, not least business interruption. The typhoon skirted past Taiwan and caused much lower damage than originally expected. But it continued northwest toward the eastern coast of China, making…

Tokio Marine shifts focus back to Asia with $9bn war chest for acquisitions

Tokio Marine shifts focus back to Asia with $9bn war chest for acquisitions

Tokio Marine shifts focus back to Asia with $9bn war chest for acquisitions

Fast-expanding Japanese insurer Tokio Marine has a $9bn ‘warchest’ available for overseas purchases targeted mainly at the broader Asia region, according to news agency Reuters. Tokio Marine and rival leading Japanese insurers such as Sompo and Mitsui Sumitomo have expanded aggressively in recent times as they have struggled to deliver growth and decent returns in a persistently sluggish domestic market. The…

Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Risk managers have key role in rise of the robots

Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume is likely to reach around €7.9trn by 2030, almost double the volume of €4.2trn in 2017, according to Munich Re. Of the additional premium of €3.7trn by 2030, some €1.2trn is expected to come from China alone, with almost two thirds of this likely to derive from life and health insurance business, with the rest coming from…

1 2 3 10