Underwriting and Natural Disaster Risks in Small-Amount, Short-Term Insurance
First written in FY2018. 1 of 4 entries say "Worsened", first in FY2020. Latest entry: FY2026.
1 other company's latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「The Group will work to maintain the soundness of this business by appropriately managing maximum loss exposure through the use of reinsurance and regularly monitoring the balance between insurance premiums and claims payments.」
As measures to address the risk of claims payments resulting from natural disasters and other events, the disclosure specifies the use of reinsurance and regular monitoring of the balance between insurance premiums and claims payments. - FY2022RestatedAnnual report
「In preparation for such events, we set aside catastrophe reserves and other reserves as required under the Insurance Business Act. However, these reserves may not be sufficient to cover actual insurance payments.」
The disclosure reiterates the underwriting risk from natural disasters and other events, as well as the possibility that payments may be insufficient even after catastrophe reserves are set aside. - FY2020WorsenedAnnual report
「In preparation for such events, we set aside catastrophe reserves and other reserves as required under the Insurance Business Act. However, these reserves may not be sufficient to cover actual insurance payments. If natural disasters occur with a frequency or severity beyond our expectations, the Group’s operating results and financial position may be affected.」
For natural disaster risk in small-amount and short-term insurance, the disclosure adds the possibility that insurance reserves may be insufficient to cover claims payments. - FY2018First statedAnnual report
「In its short-term, small-amount insurance business, the Group underwrites various risks, including risks associated with natural disasters such as typhoons. If economic conditions, the incidence of insured events or other factors assumed when setting premiums fluctuate contrary to those assumptions, the Group's operating performance and financial condition may be affected.」
Following the consolidation of Hope Short-Term & Small-Amount Insurance, the Group disclosed the risk that the incidence of insured events and insurance claims payments resulting from natural disasters could affect operating performance and financial condition.