Record-breaking rainfall caused by tropical storm Yun-yeung triggers catastrophic floods, casualties, and extensive damage in Japan's central and eastern regions.
Amid increasing motor vehicle sales and growing demand for coverage against natural catastrophes, Japan's P&C industry is forecast to surpass US$116 billion by 2027,
In the aftermath of fraud accusations against Bigmotor, President Giichi Shirakawa of Sompo Japan steps down — acknowledging hasty decision to resume transactions with the car dealer.
Bigmotor and Sompo face imminent inspection by Japan's financial watchdog, as part of an investigation into fraudulent claims made by the user-car dealership.
Despite advances in safety measures and culture, a repeat of the earthquake would cause economic loss of US$331bn and insurance losses around US$140bn, according to Moody's RMS and Swiss Re.
Sources allege that executives at Sompo, including the President, encouraged a continuation of transactions despite concerns surrounding the used car dealer's practices.
Hewitt, a veteran of the legal industry, will lead BMS Group's operations in Japan as the firm aims to establish itself amid the surge in Japanese M&A insurance market
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.
