HONG KONG, Jan 5 (Bernama-BUSINESS WIRE) — AM Best expects the earnings impact on the major domestic non-life insurers of losses stemming from the 1 January 2024 earthquake in Japan to be manageable relative to the sector’s net profit.
The Best’s Commentary, “AM Best Expects Insured Losses from Japan’s January 2024 Earthquake to have Limited Credit Ratings Impact”, notes that the Japanese government supports residential earthquake risks through a state-backed reinsurance scheme, so most losses to domestic non-life insurers are expected to come from commercial and industrial risks.