Insurance Journal » Japan

Highway Ceiling Collapse in Japan Kills 9

Tue, 04 Dec 2012 10:53:07 +0000

Concrete ceiling slabs fell onto moving vehicles deep inside a long Japanese highway tunnel, and authorities confirmed nine deaths before suspending rescue work Monday while the roof was being reinforced to prevent more collapses. Two vehicles caught fire in the …

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Toyota to Recall 2.77 Million Vehicles for Steering, Water Pump Problems

Wed, 14 Nov 2012 10:36:00 +0000

Toyota Motor Corp said it will recall 2.77 million vehicles worldwide, including some of its popular Prius hybrid cars, for steering and water pump problems in the carmaker’s second multimillion-vehicle recall in a little over a month. The defects, which …

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Aon Benfield’s Monthly Cat Recap Focuses on $7.5 Billion Asian Flood Losses

Fri, 05 Oct 2012 10:46:37 +0000

Asian flood losses during the third quarter of 2012 aggregated more than $7.5 billion in economic losses, of which China was the worst hit by two separate flood events that affected several provinces. “The most costly occurred during a six-day …

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Lloyd’s Analyzes Repercussions of Thai Flood Losses a Year Later

Wed, 03 Oct 2012 10:07:45 +0000

Lloyd’s has published an analysis of the floods that hit Thailand in October 2011, which notes that “after weeks of slowly spreading their way through many of Thailand’s provinces, flood waters eventually reached the capital city, Bangkok. There they remained …

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Typhoon Jelawat Hits Okinawa; Moves on Tokyo: AIR Analysis

Charles E. Boyle — Mon, 01 Oct 2012 12:07:28 +0000

Typhoon Jelawat remains a powerful storm, even if its wind speed has decreased from around from 155 mph, 250km/h, it passed over Okinawa on Saturday with wind speeds over 90 mph, 144 km/h, causing extensive damage, and injuring more than …

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US Renews Waivers of Iran Sanctions for Japan, EU Nations

Mon, 17 Sep 2012 10:52:56 +0000

The United States has renewed waivers on Iran sanctions for Japan and 10 European countries because they cut their purchases of the OPEC nation’s crude oil, Secretary of State Hillary Clinton said on Friday. The renewal means banks in the …

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Commentary by Gordon Brown:* Europe Risks Going the Way of Japan

Fri, 14 Sep 2012 10:41:58 +0000

The good news is that Europe is no longer going the way of Greece. The sad news is that it is threatening to go the way of Japan. After years of hesitation punctuated by panic, Europe has finally accepted the …

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Commentary: Iran Confident It Is Winning Sanctions War

Tue, 04 Sep 2012 10:23:06 +0000

Despite ludicrous claims to the contrary, Western sanctions have hurt Iran’s crude oil exports, but it’s also not all gloom and doom. In unsurprising, but obviously factually incorrect, remarks, the director of international affairs at the National Iranian Oil Co. …

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How Iran’s Main Oil Buyers Deal with Insurance Sanctions

Thu, 30 Aug 2012 10:22:58 +0000

Insurance companies based in the EU are not allowed to provide cover for ships that carry Iranian cargo. The EU sanctions are aimed at the protection and indemnity (P&I) clubs based in the EU, which dominate the marine insurance industry. …

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Typhoon Bolaven Strikes Okinawa; Heads for South Korea: AIR Analysis

Tue, 28 Aug 2012 10:14:18 +0000

According to catastrophe modeling firm AIR Worldwide, Typhoon Bolaven made landfall on northern Okinawa around 12:00 UTC on August 26, as a strong category 3 typhoon, as calculated by the Japan Meteorological Agency (JMA). It also reported minimum central pressure …

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Powerful Typhoon Bolaven Nears Japan’s Okinawa Island

Mon, 27 Aug 2012 10:11:32 +0000

The strongest typhoon to approach Okinawa in several years was bearing down on the southern Japanese island on Sunday as residents were told to stay indoors and warned its strong gusts could overturn cars and cause waves of up to …

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Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes

Thu, 23 Aug 2012 11:26:32 +0000

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

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Asia’s Iran Crude Oil Imports to Regain Levels Prior to EU Insurance Ban

Wed, 22 Aug 2012 10:56:55 +0000

Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …

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Best Upgrades NIPPONKOA’s Ratings to ‘A+’; Affirms Subs

Wed, 22 Aug 2012 10:43:37 +0000

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” of Japan’s NIPPONKOA Insurance Company Ltd. Best also affirmed the FSR of ‘A’ (Excellent) …

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Best Affirms Sompo Japan’s ‘A+’ Ratings; Subs Ratings

Wed, 22 Aug 2012 10:35:31 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Sompo Japan Insurance Inc. as well as the FSR of ‘A ‘(Excellent) and ICR of “a” of its subsidiary, …

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China Braces for Another Typhoon; Japan on Alert: AIR Analysis

Wed, 08 Aug 2012 10:47:45 +0000

According to catastrophe modeling firm AIR Worldwide, residents along coastal cities in eastern China are preparing for their third typhoon in less than a week. Just last weekend, two powerful typhoons—Damrey and Saola—came ashore less than 10 hours apart, causing …

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Rain, Floods Cause Heavy Damage in Southwest Japan: AIR Analysis

Tue, 17 Jul 2012 11:05:06 +0000

A report from catastrophe modeling firm AIR Worldwide, analyzes the damages resulting from the heavy rains that have caused widespread flooding and mudslides from July 11 to July 16 on the Southern Japanese Island of Kyushu. AIR explained that a “very …

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Iran Oil Shipments Skirting Tanker Insurance Ban

Thu, 12 Jul 2012 10:10:17 +0000

Iran is shipping oil to China, its top buyer, despite a row over freight terms, and Japan has taken steps to resume imports in August as Tehran finds ways to get around Western sanctions on ship insurance for its drastically …

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Japan Insurers Expand Cover to Boost Iran Oil Shipping Capacity

Wed, 11 Jul 2012 13:04:08 +0000

Japanese insurers are expanding their maritime coverage to allow more domestic tankers to transport Iranian crude, as Tokyo looks to keep oil flowing despite tough Western sanctions, industry sources said on Wednesday. Japan, Iran’s third biggest oil buyer, is expected …

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Best Affirms Aioi Nissay Dowa and Subs Ratings; Outlook Stable

Mon, 18 Jun 2012 12:39:55 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Japan’s Aioi Nissay Dowa Insurance Company Limited (ADI) and its subsidiary, New York-based Aioi Nissay Dowa Insurance Company …

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UPDATE: Japan Lower House Passes Bill to Insure Iran Oil Imports

Fri, 15 Jun 2012 10:21:33 +0000

Japan’s lower house passed a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, a key step towards it becoming the first of Iran’s big Asian oil buyers to get around new European Union sanctions. The …

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Report: Japan to Pass Bill to Insure Iran Oil Imports

Thu, 14 Jun 2012 10:22:23 +0000

Japan’s lower house is set to pass a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, making it the first of Iran’s big Asian buyers to find a way to keep the oil flowing in …

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Japanese Insurers to Limit Iran Oil Voyages in Mideast Gulf – Sources

Fri, 13 Apr 2012 08:34:40 +0000

Japanese insurers are warning ship owners that they will only cover one tanker at a time carrying Iranian crude oil through the Middle East Gulf due to tightening Western sanctions against OPEC’s second biggest producer, industry sources said. The three …

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Japan P&I Club Ship Insurer Sets New Rules on Iran Oil Transport

Wed, 11 Apr 2012 10:13:40 +0000

Ship owners covered by Japan P&I club must alert the maritime insurer in advance of any plans to transport Iranian oil and petrochemicals that could fall foul of Western sanctions, the insurer said. The United States and European Union have …

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Willis Japan Appoints Enomoto New Retail CEO

Thu, 05 Apr 2012 10:23:32 +0000

Willis Group Holdings has appointed Yoshihide ‘Dean’ Enomoto as President and CEO of its retail brokerage business in Japan. The announcement coincides with news that the global insurance broker has opened a second Japanese office in Osaka to service the electronics …

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Starr Indemnity Receives Foreign, Non-Life Insurance License in Japan

Tue, 03 Apr 2012 09:21:47 +0000

Starr Indemnity & Liability Company announced that the Japanese Financial Services Agency (FSA) has granted it a foreign, non-life insurance business license in Japan. The license allows Starr to offer approved accident and health insurance and casualty solutions in the …

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$370 Billion Econ. Losses for 2011; $116 Billion Insured, Says Swiss Re

Charles E. Boyle — Wed, 28 Mar 2012 09:59:11 +0000

Although everyone is more or less aware that 2011 was a very bad year for losses from natural catastrophes, the figures compiled by Swiss Re evince just how bad they actually were. In its latest sigma study the reinsurer points …

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U.S. Exempts 11 Countries from Iran Oil Sanctions; China, India Exposed

Wed, 21 Mar 2012 10:56:15 +0000

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian oil, but left Iran’s top customers China and India exposed to the possibility of such steps. The decision means banks …

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Japan Marks One Year Since Earthquake – Tsunami Disaster

Mon, 12 Mar 2012 11:07:55 +0000

People across Japan prayed and stood in silence on Sunday to remember the massive earthquake and tsunami that struck the nation one year ago, killing just over 19,000 people and unleashing the world’s worst nuclear crisis in a quarter century. …

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1-5 Percent Of Tsunami Debris Could Reach West Coast

Wed, 29 Feb 2012 17:19:05 +0000

Tsunamis generated by the magnitude-9 earthquake in Japan last March dragged 3 million to 4 million tons of debris into the ocean after tearing up Japanese harbors and homes. Scientists believe ocean currents are carrying some of the lumber, refrigerators, …

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