Record-breaking rainfall caused by tropical storm Yun-yeung triggers catastrophic floods, casualties, and extensive damage in Japan's central and eastern regions.
The Japanese life insurer's underwriting profitability is set to bounce back from FYE 2024, contributing to Fitch Ratings maintaining their 'A-' Insurer Financial Strength rating.
There is a 70% chance El Niño develops in 2023; its cooler average sea temperatures are expected to fuel severe weather, including droughts and wildfires.
The news was announced as part of a strategic partnership between Japan Post, investment firm KKR, and the U.S. head-quartered (re)insurer Global Atlantic.