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☆ Insurance companies have discovered devious new ways to rip you off
▼ + stars: | 2023-10-23 | by ( Jathan Sadowski | ) www.businessinsider.com time to read: +16 min

Unfortunately, as premiums for everything from home insurance to car insurance skyrocket, more of us are being forced to dwell on the opaque and convoluted insurance industry. AdvertisementAdvertisementTo determine that magic price tag, insurance companies drill down into the nitty-gritty details of your life. I'll go even further: To boost their own profits, insurance companies are becoming increasingly antisocial and antagonistic. To boost their own profits, insurance companies are becoming increasingly anti-social and antagonistic. The stuff of insurance is far too important to be left to the insurance industry.

Persons: Søren Holm, Duncan Minty, Kengo Sakurada, you've, Colm Holmes, —, Holmes, Inga Beale, Beale, ProPublica, Cigna Organizations: Consumers, Caliber, Insurance, Sompo Holdings, Aviva, Allianz Holdings —, of Actuaries, State Farm, Farm, New York Times, of Information Technology, Monash University Locations: London, State

☆ Japan's inflation adjusted wages extend declines in August
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Oct 6 (Reuters) - Japan's real wages in August declined for a 17th straight month, government data showed on Friday, as persistent price hikes continued to outpace salaries. Separate data on Friday showed Japan's consumer spending also shrank for the sixth consecutive month in August, squeezing consumers' purchasing power even as major companies offered their biggest pay increases in three decades. The consumer inflation rate officials use to calculate real wages, which includes fresh food prices but excludes rent, slowed to 3.7%, the lowest in 11 months. Base salary growth in August climbed 1.6% year-on-year, from a revised 1.4% gain in the previous month, the data showed. "As import prices settle down, the growth rate of consumer inflation is also expected to gradually narrow, and real wages will also recover," Koike said.

Persons: Masato Koike, Fumio Kishida, Sompo's Koike, Koike, Satoshi Sugiyama, Kantaro, Christian Schmollinger, Sam Holmes Organizations: Global, Bank of Japan, Sompo, Ministry of Health, Labour, Welfare, Thomson Locations: TOKYO, Base

☆ Analysis-China's economic gloom hangs over Japan's long-awaited recovery
▼ + stars: | 2023-09-06 | by ( Tetsushi Kajimoto | Leika Kihara | ) www.reuters.com time to read: +5 min

TOKYO (Reuters) - Policymakers in Tokyo believe China’s deepening economic woes could hit Japan’s fragile recovery, especially if Beijing fails to shore up demand with meaningful stimulus, potentially delaying an exit from ultra-loose monetary policy. China is Japan’s largest trading partner, accounting for 20% of its exports, having replaced the United States in 2020. “Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan’s economy,” said Toru Suehiro, chief economist at Daiwa Securities. Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan’s recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda’s, ”, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, “, Seisaku Kameda Organizations: REUTERS, Bank of Japan’s, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan’s Sompo Holdings Locations: TOKYO, Tokyo, Beijing, Japan, United States, China

In a sign of growing pessimism over China, the government also said its monthly economic report for August that "concern over China's outlook" was among risks to Japan's recovery. "Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan's economy," said Toru Suehiro, chief economist at Daiwa Securities. "All in all, it's hard to justify tightening monetary policy any time soon." Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan's recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda's, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, Seisaku Kameda, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Bank of Japan's, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan's Sompo Holdings, Thomson Locations: Tokyo, Japan, China, TOKYO, Beijing, United States

☆ Japan's July factory output slumps, raises pressure on manufacturers
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Japan's factory output fell more than expected in July, signalling a rocky start to the second half of the year for manufacturers as worries mount over growth in China and the global economy. Industrial output fell 2.0% in July from the previous month, data from the Ministry of Economy, Trade and Industry (METI) showed on Thursday. Output of electronic parts and devices fell 5.1%, while that of production machinery decreased 4.8%, driving the overall decline. Among production machinery, output for semiconductor manufacturing equipment fell by 16.4%. Other data showed Japanese retail sales expanded 6.8% in July from a year earlier.

Persons: Issei Kato, Masato Koike, Satoshi Sugiyama, Kantaro Komiya, Chang, Ran Kim, Shri Navaratnam, Sam Holmes Organizations: REUTERS, Rights, Ministry, Economy, Trade, Industry, Toyota, Honda, Manufacturers, Sompo, Thomson Locations: Kawasaki, Japan, China

☆ Green alliance crisis is more than just a US drama
▼ + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.

Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, ”, Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London

☆ Japan's 2023 inflation forecast will probably be revised upward, economist says
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan's 2023 inflation forecast will probably be revised upward, economist saysSeisaku Kameda of Sompo Institute Plus says cost-push inflation has become more persistent and widespread than what the Bank of Japan had expected.

Persons: Seisaku Organizations: Sompo, Bank of Japan

☆ Japan's spending downturn, wages decline heighten pressure on economy
▼ + stars: | 2023-05-09 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Japan's consumer spending unexpectedly fell in March at the fastest rate in a year, while real wages marked a twelfth month of decline on persistent inflation, highlighting the challenges facing the economy in mounting a strong post-COVID revival. Household spending fell 1.9% in March from a year earlier, the data showed, against economists' median forecast for a 0.4% rise and following a 1.6% gain in February. It marked the biggest decline since March 2022's 2.3%, when Japan was still trying to curb the spread of coronavirus. For the full fiscal year 2022 that ended in March, household spending rose 0.7%, slowing from 1.6% expansion in fiscal 2021. Separate data showed Japanese real wages falling 2.9% in March, marking the full year of declines that started in April 2022 on decades-high consumer inflation.

☆ Ukraine is using Palantir's software for 'targeting,' CEO says
▼ + stars: | 2023-02-02 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +2 min

Its software helps Ukraine target, for instance, tanks and artillery, a Palantir spokesperson said. The company, whose co-founders include Karp and investor Peter Thiel, has opened an office in Ukraine. "There are huge ethical issues on the battlefield," he said at an event Palantir hosted in Palo Alto. Japan is a "very high priority" market for Palantir including in defense, another Palantir official, Kevin Kawasaki, said in an interview. Reporting by Jeffrey Dastin in Palo Alto, Calif.; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

TOKYO, Dec 29 (Reuters) - Japanese insurers are expected to maintain marine war insurance, which covers the sinking and requisition of ships due to war in Russian waters for at least three months for liquefied natural gas (LNG) vessels, industry sources said on Friday. But on Tuesday, a senior official at the industry ministry said the Japanese government had asked insurers to take on additional risks to continue providing war insurance for liquefied natural gas (LNG) shippers. The insurance companies negotiated with reinsurers to replace part of the coverage and they are expected to enable continued insurance, Nikkei reported on Thursday. After renegotiating with UK reinsurers, a total of 30 billion yen ($224 million) is expected to be secured, with domestic insurers covering about 8 billion yen and overseas reinsurers taking on about 22 billion yen, it said. But added the underwriting capacity will be less than half of the previous 67 billion yen.

☆ Explainer: How will Japan resolve shipping insurance for Russian LNG imports?
▼ + stars: | 2022-12-29 | by ( Yuka Obayashi | ) www.reuters.com time to read: +6 min

Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last week that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage. Japan receives 9% of its imported LNG from Sakhalin-2, which is owned by Gazprom (GAZP.MM) and Japanese trading houses. Loss of supply from Sakhalin-2 could send Japanese power and gas utilities such as JERA and Tokyo Gas Co Ltd (9531.T) scrambling for alternatives. It has had to persuade G7 partners to give it leeway so it could keep importing Russian LNG, and after the Russian government decided in June to seize control of Sakhalin-2, Japanese trading houses had to agree to remain as shareholders of the new Russian operator. read more"The top priority now is to secure marine war insurance," a senior official at the industry ministry said.

☆ Japan Nov factory output falls on weakening global demand
▼ + stars: | 2022-12-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +3 min

"The impacts of overseas rate hikes, slower growth and weak capital expenditure demand are gradually reaching Japan," said Masato Koike, economist at Sompo Institute Plus. "Production inevitably remains weak for October-December and highly likely stalls furthermore as the global economy hasn't hit its worst." That marked the third monthly decrease in Japanese production and followed a revised 3.2% fall in October and 1.7% contraction in September. Output of general machinery slipped 7.9%, while that of production machinery decreased 5.7%, driving down the overall index in November. METI cut its assessment of industrial output for a second straight month, saying "production is weakening".

☆ Japan insurers in talks with reinsurers to resume coverage in Russian waters
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. "We are negotiating with various reinsurers to get the war coverage in order to restart providing marine war insurance in the area to our customers," a spokespeople at Tokio Marine said, adding that some reinsurers have responded "positively." Sompo Japan and Mitsui Sumitomo Insurance are also searching for new reinsurers, their spokespeople said. Most vessels get two types of insurance: marine insurance covering damage from natural disasters and collisions, and marine war insurance covering damage from war or terrorism. Without marine war insurance, shipowners may give up operations in Russian waters, including picking up LNG from the Sakhalin-2 gas and oil project in Russia's Far East.

☆ Japan firms to stop insuring ships in all Russian waters -Nikkei
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 24 (Reuters) - Three Japanese insurance companies will stop insuring ships for damage in all Russian waters due to the war in Ukraine, potentially affecting Japan's energy imports such as liquefied natural gas (LNG), the Nikkei newspaper said on Saturday. The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said. Japan's LNG imports from Russia's Sakhalin-2 gas and oil project could be affected, the Nikkei said. The Sakhalin Island complex, partly owned by Gazprom (GAZP.MM) and Japanese companies, is vital to Japan's energy security as it accounts for 9% of the country's LNG imports. The three Japanese insurers will likely start negotiating with reinsurance companies after the Christmas holidays on possibly restarting coverage, the Nikkei said.

☆ Japan's inflation in September is a 'heavy burden' for consumers, says economist
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan's inflation in September is a 'heavy burden' for consumers, says economistSeisaku Kameda of Sompo Institute Plus discusses the country's consumer price index and says financial markets, on the other hand, would find that it's "not a big surprise."

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