The proposals would require agencies to set clearer standards for recommendations, give customers fuller explanations and strengthen internal oversight.
Among the reforms outlined by GIAJ chairman Shinichiro Funabiki are the implementation of an Agency Business Quality Evaluation System and the formalisation of a Corporate Risk Management Advancement Support...
The ratings agency highlights stronger capital management and diversified earnings among Japan’s insurers as they adapt to higher interest rates, solvency reforms and increased use of reinsurance and overseas...
An internal probe found 11 secondees across seven agencies removed 379 items of operational data, prompting tighter controls and one-month voluntary pay cuts for senior executives.
All APAC insurers surveyed reported moderate-to-very high concern about physical risk creating broader financial instability, but only 36% have integrated it into overall risk management.
While broadly aligning with global worries around supply chain disruptions leading to a Black Swan event, five APAC countries are more concerned over global internet outage.
