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.
Data from the Insurance Regulatory and Development Authority of India showed that local nonlife insurers aggregate premium increased almost 21% year-on-year to approximately 234 billion Indian rupees ($2.95 billion) in July.
U.S.-based credit rating agency A.M. Best Co. Inc. said Malaysias nonlife insurance markets gross written premiums grew 4% year-on-year in 2021, following a contraction in 2020.
Japanese automaker Honda Motor Co. Ltd.s profit dropped 33% year-on-year to around 149 billion Japanese yen ($1.1 billion) in the fiscal first quarter ended June 30, due to the global semiconductor chip shortage, rising costs of raw materials and COVID-19 lockdowns in China.
The Australian Amusement, Leisure and Recreation Association said that steep insurance rate hikes and limited insurance capacity is hurting the Australian events and festival industry.
Chinas Guangdong Meteorological Service said Typhoon Mulan made landfall in the coastal areas of Xuwen county in Guangdong province on Aug. 10, forcing the high-speed rail and nearby ports to suspend operations.
The Federal Court of Australia recently ruled that automotive services firm Inchcape Australia Ltd. cannot claim costs incurred in the clean-up and recovery from ransomware attack from its insurer Chubb Insurance Australia Ltd. under its ransomware insurance policy.
Japanese oil company INPEX Corp. has filed a $970 million damage claim against South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. Ltd. over alleged defects at a floating production storage and offloading (FPSO) facility that was built by Daewoo.
Record rainfall in Seoul on Aug. 8 and ensuing floods and landslides damaged nearly 3,000 commercial and private properties and infrastructure.
U.S.-based Fitch Ratings Inc. said that insurers in China have a low-risk exposure to Chinese property market distress even if the turmoil is prolonged.
Argenta Underwriting Asia Pte. Ltd., a subsidiary of U.K.-based Argenta Holdings Ltd., has decided to stop writing new and renewal business in Singapore with immediate effect due to unfavorable underwriting conditions.
A steep rise in COVID-19 cases in Japan has forced companies including Toyota Motor Corp. and KFC Holdings Japan Ltd. to suspend production and close offices and facilities, disrupting business and raising new supply-chain concerns.
Torrential rains and floods in Japans main island of Honshu on Aug. 4 caused infrastructure damage and forced companies, including chipmaker Renesas Electronics Corp., to suspend production.
China warned airlines operating in Asia to avoid flying in areas around Taiwan between Aug. 4 and 7 as it would conduct military exercises, prompting several airlines including Xiamen Airlines and Korean Airlines to reroute or cancel their flights.
The High Court of Australia will hear oral arguments on appeals of a COVID-19 related business interruption test case judgment by the Full Court of the Federal Court of Australia.
A report by S&P Global Ratings Inc. said operating conditions in China and other emerging countries are becoming unfavorable for property and casualty insurers due to inflationary pressures, tightening financial conditions and slower economic growth.