Tokio Marine expands US P&C offering
Tokio Marine has announced the expansion of its commercial P&C offerings of large casualty and general/products liability solutions to US risk management customers.
Tokio Marine Management, Inc. (TMM) has offered Large Commercial Property coverage to Japanese businesses in the US for more than a century but the expansion will make it available to its large national and US-domiciled risk management accounts.
“This is a natural expansion to leverage our current resources. Adding Large Property and Casualty to our growing menu of products will help deliver profitable growth as we expand our appetite, service, and presence in the U.S. market,” explained Larry Stern, Executive Vice President Large Account Segment and Chief Marketing Officer.
The products are admitted in all 50 states and the Company has the ability to offer customized coverages and limits through Tokio Marine America Insurance Company.
Political risk coverage set for growth across segments
Insurance coverage for political risks is set to grow as non-trade sectors see the benefits, banks look to transfer risk and corporates bolster protection against terrorism and cyber attacks.
A report from KPMG forecasts that there will be growth for political risk coverage over the next three years, although says it may be at a slower rate due to macro-economic challenges across emerging markets.
It forecasts a 4 per cent rise for the Credit & Political insurance sector; a “significant increase” in coverage for political violence due to rising costs and incidents of terrorism; flat growth in piracy & kidnap products due to a decline in incidents; and potential growth for the product recall market.
The report also calls for a 20 per cent annual rise in the cyber insurance market due to increased awareness in emerging economies and tougher regulations in regions including Europe.
Allianz Korea sale may be delayed by politics
The sale of the South Korean business unit of global insurer Allianz is reportedly being delayed by the proposed buyer and politics may be the reason.
Anbang Insurance Group agreed in April to buy the German-based insurer’s loss-making South Korean business but has not yet applied to the authorities in Seoul, which would have to give authority for the deal to complete.
According to a report in Korean publication Pulse News, Beijing may be pressuring Anbang to drop the deal due to South Korea’s decision to deploy the US THAAD missile defence system. Anbang is also facing an investigation by the Chinese financial regulator.
