Just over a month remains before the Pan-Asia Risk and Insurance Management Association (PARIMA)'s 2018 conference in Tokyo.
Insurance payments to individuals affected by the powerful earthquake that hit northern Osaka Prefecture in June had reached JPY86.6bn as of 12 September, the General Insurance Association of Japan has said.
Over 40% of the 1,394 health insurance societies set up for employees of large companies and their families are estimated to report losses for the financial year ended 31 March 2018 (FY2017). In the previous year, the proportion was 38.7%.
Singapore-based aquatech startup Umitron has started data services to provide reliable data for aquaculture insurance, leveraging IoT and satellite remote sensing.
Insured losses from Typhoo Jebi, which made landfall in Japan on 4 September will be between JPY257bn ($2.3bn) and JPY502bn ($4.5bn), estimates catastrophe risk modeling firm AIR Worldwide.
Nat CAT events in the past month, which includes flooding in western Japan and the Indian state of Kerala, alongside the earthquake in Lombok, Indonesia, may result in insured losses of more than $4bn.
Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has acquired a 9% share of Ceylinco Insurance for approximately LKR3bn ($19m), thereby increasing its shareholdings to 15%.
Japan's life insurers are signaling that a tidal change in money flow back to Japan will not take place until the central bank lowers purchases of super-long debt, according to a report by Bloomberg.
The Ministry of Health, Labour and Welfare is seeking JPY3bn ($27m) in the fiscal year starting 1 April 2019 (FY2019) to help prop up health insurance societies covering employees of major companies and prevent them from disbanding, reports The Mainichi.
Japanese non-life insurers appear likely to raise premiums on their fire business from 2019, but the additional revenue is unlikely to offset the negative impact on profitability of the consumption tax hike scheduled for October 2019 and a cut in the statutory interest rate in April 2020, says Fitch Ratings.