The leaders of three major Japanese non-life insurers apologised at their respective general shareholders' meetings on 24 June over scandals rocking the industry.
Japanese insurers are adopting a well-balanced approach to Environmental, Social and Governance (ESG) factors, Fitch Ratings said in a report.
A project team formed by the General Insurance Association of Japan (GIAJ) in March 2024 to promote fundamental business reform is discussing the relationship between member companies and agents, and reviewing business practices to create an appropriately competitive environment.
Global credit rating agency Fitch Ratings expects Japanese non-life insurance's overseas business and investment profit from the continuous sales of strategic shareholdings to offset weak earnings contribution from domestic underwriting, especially in motor and property insurance, in the financial year ending March 2025 (FYE25).
General insurers in Japan have paid out a cumulative JPY90.97bn ($579m) in claims as of 31 May 2024 for the 1 January Noto Peninsula Earthquake, announced the General Insurance Association of Japan (GIAJ).
Japanese life insurers have reported a significant increase in core profits and net income after tax, benefiting from lower pandemic-related claims and an improved investment environment with higher interest rates and a weakened yen, noted CreditSights, a Fitch Group company which has just published its outlook for the life insurance sector.
In today's fast-changing environment, Japanese insurers must continue to transform in order to maintain competitiveness and grow globally, says the international professional services firm PwC.
Miller has appointed Mr Tokinori Kono as head of non-marine broking in its Japanese business, Lead Insurance Services Limited.
Japanese insurance giant Mitsui Sumitomo Insurance's (MSI) operating performance has remained strong, said AM Best. It also said that this assessment continues to be supported by the company's consistent trend of steadily growing premium income in the past and a five-year average adjusted return-on-equity ratio of 5.4% (fiscal years 2018-2022), as calculated by the global credit rating agency.
Japan's life insurers' capital adequacy will remain appropriate for their ratings for the foreseeable future, thanks largely to consistent accumulation of core capital, forecasts Fitch Ratings.