The General Insurance Association of Japan (GIAJ) has appointed Mr Hiroaki Shirota as chairman.
Miller has appointed Mr Kazuhiko Shinkai as head of non-marine Japan strategy in its Japanese business, Lead Insurance Services Limited. In his new role, he will be responsible for overseeing the operational management of Miller's Japanese business, as well as leading further expansions of the non-marine line locally.
The new chairman of the General Insurance Association of Japan (GIAJ), Mr Hiroaki Shirota, has outlined the association's upcoming main initiatives.
Like their global peers, Japanese life insurers use investment strategies based on ALM principles, which are essential to ensuring that their investment choices are well aligned with the long-term obligations of their insurance contract, according to a report on the outlook for Japanese life insurers.
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.