4 Japanese firms rank in top 10 largest world insurers
OLDWICK, NJ —
Four Japanese insurance companies are now in the top 10 largest world insurers as measured by net premiums written, according to a new ranking in BestWeek Asia-Pacific. Meanwhile, Japan Post Insurance Co remained on top the list as measured by 2011 non-banking net assets, according to A.M. Best data.
The presence of four Japanese companies in the top 10 by premiums represents the greatest presence of any single country, and reflects the impact of growth in Asia, the eurozone crisis and lackluster economies, plus lingering fallout from American International Group’s 2008 troubles. Japan Post moved up from fifth to third place; National Mutual Insurance Federation held steady in sixth place; Nippon Life jumped from 12th-largest to seventh and Meiji Yasuda Life jumped from 20th to eighth.
Also featured in BestWeek Asia-Pacific, A.M. Best’s 2012 global reinsurance outlook finds that despite continuing challenges, the rating outlook on the global reinsurance segment is being held at stable, supported by continued strong risk-adjusted capitalization, judicious enterprise risk management practices and a relatively stable pricing environment across a broadening spectrum of business classes.
BestWeek Asia-Pacific also finds the opening of the mandatory third-party motor liability insurance sector in China is expected to enhance quality as foreign players believe market segmentation, rapid sales network expansion and improved claims settlement processes are key in cracking the newly deregulated market. The country’s insurance regulator is also looking to improve competition in the commercial motor market.
And learn how commercial insurers and industries are applying the lingering lessons from the devastating floods in Thailand.
The Jan 8 edition is available at www.bestweek.com/asia and www.bestweek.com.