Japanese companies have contingency plans for the floods that increasingly drench this island nation, but most have done little to fortify facilities, relying instead on insurance and securing alternative supply sources, a Reuters poll found. Japanese have long been conditioned …
AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Japanese Typhoon Hagibis in the range of $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums. …
A string of powerful typhoons that struck Japan has left scars on the country’s non-life insurers, with industry giants likely forced to pay a combined $8 billion in insurance payments in the current fiscal year that ends in March. Japan’s …
Typhoon Hagibis is likely to become one of 2019’s costliest events, with economic costs of more than US$10 billion and insured losses minimally in the billions, according to Aon’s monthly catastrophe report. The storm made landfall in Japan’s Iza Peninsula …
Insured losses stemming from Typhoon Hagibis in Japan are estimated to range between US$$7 billion and $11 billion, according to Newark, Calif.-based catastrophe modeling firm RMS. While last month’s Typhoon Faxai was a wind-driven event, RMS estimates typhoon flooding from …
Typhoon Hagibis is likely to be an earnings event for Japan’s three main non-life insurance groups, MS&AD Insurance Groups Holdings, Sompo Japan Nipponkoa Insurance and Tokio Marine & Nichido Fire Insurance Co. (TMNF), with no material effects on capital and …
Reinsurers’ earnings are likely to see further erosion in 2019 after another year of major catastrophe losses, which is prolonging the positive momentum for reinsurance pricing, according to AM Best. “Three consecutive years of severe losses, dwindling favorable reserve development …
Insured losses from Typhoon Hagibis, which made landfall in Japan on Oct. 12, will be between 865 billion Japanese yen (US$8 billion) and JPY 1,730 billion (US$16 billion), with more than half of the losses due to inland flooding, according …
The recent mega-typhoons in Japan are unlikely to affect the financial stability of the country’s three major non-life insurers due to their appropriate catastrophe risk management and strong capitalization levels, according to a new AM Best commentary. Net of reinsurance, …
RenaissanceRe Holdings Ltd. announced it estimates losses from third quarter 2019 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2019 results. The estimated losses include Typhoon Faxai and Hurricane Dorian, which …
