130 executives face temporary salary reductions up to 50%, as insurers submit business improvement plans following investigation into co-insurance policy collusion.
Estimated losses are small compared to 2011's Great East Japan Earthquake, with Fitch echoing announcements from Moody's and AM Best that the credit impact on non-life insurers should be manageable.
PGA Sompo's five-year average COR of 52.2% contributes to rating upgrade, which were later withdrawn by the Filipino insurer's decision to discontinue participation in the ratings assessments.
