ASIA-PACIFIC
Tension between China and Taiwan has increased concerns for global insurers and financial services providers serving these regions, with many reportedly reviewing their contingency plans to stay prepared for the worst.
Typhoon Noru wreaked havoc in the Philippines, prompting authorities to suspend work, school and retail operations on Sept. 26, after it made landfall in the countrys main Luzon island.
The General Insurance Association of Indonesia said the local general insurance sector recorded 20% year-on-year growth in aggregate premium income to around 46 trillion Indonesian rupiah ($3.05 billion) in the first half of the year.
Japanese automaker Honda Motor Co. Ltd. has decided to cut production by up to 40% at two of its factories in Japan in October due to the semiconductor shortages and logistical problems driven by COVID-19 outbreaks.
Workers at South Koreas second-largest steelmaking company Hyundai Steel Co. Ltd. have threatened to strike over wages, raising concerns of steel supply chain disruptions that could have a wider impact on industries such as automotive, shipbuilding and construction.
Swiss insurance-linked securities manager Twelve Capital AG expects losses from Typhoon Nanmadol that struck Japan on Sept. 18 to run into several billion dollars.
Indian state of Karnataka has suffered an estimated 36 billion Indian rupees ($452 million) in infrastructure, home and crop damage during this years monsoon season.
Typhoon Muifa made its second landfall in China in Shanghais Fengxian district on Sept. 15 after making first landfall in Zhejiang province on Sept. 14, forcing the country to activate its highest typhoon emergency response level.
Indian businesses are increasingly seeking cyber security insurance cover as more of them digitize their operations and cyber attacks grow in frequency and severity.
Japan-based Toyota Motor Corp. missed its global vehicle production target for the fourth consecutive month in July, as its output declined 8.6% year-on-year to 706,547 vehicles as risks mount.
U.S.-based A.M. Best Co. Inc. said that major Asia-Pacific reinsurers posted an average annual net premium growth of nearly 10% in the past five years with stable combined ratios, mostly on the back of strong economic growth in their home markets.
Indonesias meteorology agency said that a 6.5-magnitude earthquake struck off the Indonesian islands of Mentawai in West Sumatra on Aug. 29, causing panic among citizens.
The local authorities of Maguindanao province in the Philippines declared a state of calamity for the entire province on Aug. 24 after the recent floods ravaged more than 100 villages in at least 13 municipalities of the province.
Japanese automaker Honda Motor Co. Ltd. has decided to cut production by up to 40% in Japan in early September due to the ongoing semiconductor chip shortage and logistical issues caused by the COVID-19 pandemic.
Chinese insurer Ping An Insurance (Group) Co. of China Ltd.'s net profit increased almost 4% year-on-year to 60.3 billion Chinese yuan ($8.8 billion) in the first half of the year.
U.K.-based data analytics firm GlobalData PLC predicts that Japans general insurance market will reach approximately $133 billion in 2026, in terms of gross written premiums, up from $101 billion in 2021.
Hyundai Trans Kazakhstan, a subsidiary of Kazakh car manufacturer Astana Motors, will halt the production of Hyundai Assept and Hyundai Creta models due to disruptions in the supply of components from Russia amid the geopolitical tensions with Ukraine.
A report by U.K.-based data analytics firm GlobalData PLC said the top 20 public insurance companies in the Asia-Pacific region recorded around 5% year-over-year growth in aggregate premium to $909 billion in 2021.
U.K.-based insurer W K Webster & Co. Ltd. said that a fire erupted on a vessel owned by Israeli shipping company Zim Integrated Shipping Services Ltd.s on Aug. 8, damaging up to 300 containers.
Data from Chinas National Bureau of Statistics showed that the countrys semiconductor output dropped almost 17% year-on-year to 27.2 billion units in July, as the countrys strict COVID-19 control measures disrupted production and supply chains.
Hong Kong's Financial Reporting Council has opened an investigation into debt-ridden property developer China Evergrande Groups subsidiary Evergrande Property Services Group Ltd. over its financial statements and its auditor PricewaterhouseCoopers audits.
Insurance Australia Group Ltd. notched a net profit of $347 million Australian ($240 million) in the fiscal year ended June 30, a turnaround from a loss of AUD427 million in the previous fiscal year.
U.S.-based S&P Global Ratings Inc. said that South Korean property and casualty insurers should be able to manage losses resulting from the record rains and floods in Seoul on Aug. 8, thanks to their reinsurance programs.