HONG KONG, Jan 31 (Bernama-BUSINESS WIRE) — AM Best is maintaining a stable outlook on Japan’s non-life insurance industry, citing profitable and stable underwriting and a solid capital base amid financial market uncertainty.
The Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance”, notes that insurers’ efforts to enhance the profitability of the fire insurance line also is a factor in the stable outlook. Losses from large-scale historical catastrophe events have strained the underwriting results of the fire insurance line considerably and contributed to heightened reinsurance costs in recent years. Consequently, most major domestic non-life insurers have recognised the pressing need to address to sustainability of their fire insurance products. Supported by a rise in premium rates, direct premiums in the fire insurance line grew more than 10% in fiscal year 2022.
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