Rewrite and enrich the following news story, producing a new version in refined British English. Where adequate data is available, include a table. ***Do not use Bangla or any other words except for English in anywhere in the news***. If the story is fewer than 350 words, expand it to at least 350 words. Generate a new title of no more than eight words.
Japan’s commercial insurance market remains in a hardening phase, as major domestic property and liability insurers implement new risk and limit policies. Shinichi Kandatsu, Head of Commercial Risk Solutions at Aon Japan, stated that these measures aim to ensure profitability and improve risk assessment.
Overall pricing continues to rise, although the pace of property rate increases has slowed. Directors and officers insurance recorded a slight decline, while cyber insurance rates remain stable.
Capacity remains tight for property and liability lines, prompting insurers to reassess their risk appetite. Deductibles continue to rise, and reductions in coverage limits are now more common. Some domestic insurers are introducing new exclusions for punitive damages, terrorism, and earthquake risks.
As a result, many clients are increasingly turning to foreign insurers for alternative coverage, particularly in property and liability lines, where domestic firms are attempting portfolio diversification.
Japan Commercial Insurance – Risks & Pricing
Topic Details
Market Status Strong and Hardening
Pricing Trend Increasing; property rate rises slower
Exceptions Directors & officers slightly declined; cyber stable
Limit Reductions Common for large property & liability placements
Deductibles Rising; other classes stable
New Exclusions Punitive damages, terrorism, earthquake risk
Client Trends Seeking foreign alternative coverage
Capacity Limited for property & liability; sufficient for other lines
AJ
Source- InsuranceAsia