HONG KONG, Oct 29 (Bernama-BUSINESS WIRE) -- A.M. Best has a stable outlook on Japan’s non-life insurance sector, despite the elevated risks of catastrophe losses and modest economic expansion.
A new Best’s Market Segment Report, titled, “Market Segment Outlook: Japan Non-Life,” states that private companies operating in Japan’s non-life insurance sector hold solid risk-adjusted capital positions and profitable underwriting results despite economic- and weather-related pressures. In addition, the market has demonstrated stable pricing conditions. However, the industry has been facing medium- to long-term challenges to grow its premium base, due to modest economic growth, falling accident rates resulting from advanced driver-assistance systems and the gradual shift in population demographics. Despite these ongoing and escalating challenges, most private non-life insurers in Japan have continued to grow premium revenue, generate underwriting profits and maintain solid risk-adjusted capital positions that are supportive of their risk profiles.
A new Best’s Market Segment Report, titled, “Market Segment Outlook: Japan Non-Life,” states that private companies operating in Japan’s non-life insurance sector hold solid risk-adjusted capital positions and profitable underwriting results despite economic- and weather-related pressures. In addition, the market has demonstrated stable pricing conditions. However, the industry has been facing medium- to long-term challenges to grow its premium base, due to modest economic growth, falling accident rates resulting from advanced driver-assistance systems and the gradual shift in population demographics. Despite these ongoing and escalating challenges, most private non-life insurers in Japan have continued to grow premium revenue, generate underwriting profits and maintain solid risk-adjusted capital positions that are supportive of their risk profiles.
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