Insurance Benefit and Operational Risks Arising from Large-Scale Disasters and Infectious Diseases
First written in FY2017. 4 of 7 entries say "Materialised", first in FY2019-Q1. Latest entry: FY2023-Q3.
Daiichi Life Group moved to the "Worse" side of this theme in 2018, 4 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 4 of 9 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- FY2023-Q3RestatedAnnual report
「Due mainly to higher asset management expenses resulting from rapid changes in financial market conditions and an increase in COVID-19-related insurance claim payments at Dai-ichi Life Insurance Company, Limited, the figure decreased by ¥139.5 billion year on year to ¥259.6 billion, down 35.0%.」
The increase in COVID-19-related insurance claim payments continued to be identified as a factor behind the decline in segment profit in Dai-ichi Life Insurance’s domestic life insurance business. - FY2023-Q1MaterialisedAnnual report
「The main factors behind the increase in ordinary expenses were higher asset management expenses resulting from an increase in losses on sales of securities, and higher insurance claims and other payments resulting from an increase in benefits related to COVID-19.」
The increase in benefit and insurance claim payments associated with the spread of COVID-19 materialized this quarter as a factor behind the increase in Dai-ichi Life’s ordinary expenses. - FY2021-Q1MitigatedAnnual report
「The spread of COVID-19 could affect our Group’s performance through factors including a decline in new business resulting from the suspension of sales activities and an increase in insurance claims and benefit payments due to higher morbidity and case fatality rates. As of the filing date, however, we had confirmed that there was no problem with maintaining the Group’s financial soundness.」
While recognizing the impact of the infectious disease outbreak, including a decline in new business due to the suspension of sales activities, the disclosure confirms that there was no problem with maintaining the Group’s financial soundness as of the filing date. - FY2020MaterialisedAnnual report
「Our Group is exposed to the risk of incurring unpredictable liabilities related to insurance benefits if large numbers of people die as a result of COVID-19 or widespread outbreaks of infectious diseases such as avian influenza and novel influenza.」
The infectious disease risk previously assumed materialized as the global spread of COVID-19. Stress scenarios, including infection of 10% of the domestic population and a case fatality rate of 10% or more, were tested and confirmed not to pose a problem for insurance claim payments. - FY2019-Q3MaterialisedAnnual report
「During the first 3 quarters of the fiscal year, premium and other income increased year on year, but revenue declined due mainly to a decrease in investment income on assets in separate accounts. Profit nevertheless increased, as the reduction in the corporate tax burden resulting from the tax reforms implemented in the United States in 2017 more than offset the increase in insurance claims and other payments in the life insurance and acquired businesses resulting from influenza outbreaks, payments on large contracts and other factors.」
At Protective, payments of insurance claims and other benefits in the life insurance and acquired businesses actually increased due to the influenza outbreak and large contracts. - FY2019-Q1MaterialisedAnnual report
「Profit declined due mainly to an increase in insurance claims and other payments in the life insurance business resulting from influenza outbreaks and other factors.」
The disclosure explains that payments of insurance claims and other benefits actually increased in Protective’s life insurance business due to an influenza outbreak. - FY2017First statedAnnual report
「Our Group is exposed to the risk of incurring unpredictable liabilities related to insurance benefits if large numbers of people die as a result of large-scale disasters, such as earthquakes, tsunamis and terrorism, affecting densely populated areas such as Tokyo or wide areas, or widespread outbreaks of infectious diseases such as avian influenza and novel influenza.」
The disclosure covered both benefit liabilities resulting from mass fatalities and the suspension of business operations and information systems due to the concentration of operations in the Tokyo metropolitan area.