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…

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

Risk modelling firm RMS has compiled a list of ten ‘one in a 100-year’ natural catastrophes that could hit the Asia-Pacific region, highlighting the region’s vulnerability to environmental disasters. The region has already suffered a number of catastrophes in 2018, including Typhoons Jebi and Mangkhut, and the Palu earthquake in Indonesia. However, RMS believes there is a likely expectation of…

Swiss Re suffers $1.1bn nat cat losses in Q3

Swiss Re suffers $1.1bn nat cat losses in Q3

Swiss Re suffers $1.1bn nat cat losses in Q3

Third-quarter natural catastrophe losses will cost Swiss Re $1.1bn, net of retrocession and before tax. Although high for a single quarter, Swiss Re said overall losses are in line with expectations for the year to date. Claims from Typhoon Jebi in Japan account for almost half of Swiss Re’s total bill at $500m, while Hurricane Florence in the US is…

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

September saw Asia suffer thousands of fatalities and billions of dollars in insurance losses in the costliest month of natural disasters so far in 2018. Yet despite the high number of claims, insured losses will be relatively lower than in the US despite more severe damage to property, more instances of business interruption and a significantly higher number of deaths.…

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