Japanese insurer Aioi Insurance has no plans to up its current ¥100bn (£525m) overseas reinsurance loss estimate, despite larger than expected losses at rival firms.
The company, a mid-sized Japanese non-life insurer, said in a statement that it would maintain its ¥7 (£0.04) annual dividend, as planned.
Aioi's comments follow Nissan Fire & Marine's statement on Monday that it had revised down its earnings estimates after finalising its reinsurance losses related to the 11 September terrorist attacks in the US.
Nissan Fire has now forecast a group net loss of ¥40.5bn (£212.6m) for the fiscal year to 31 March 2002. It had originally forecast a ¥22bn (£115.5m) net loss. It has also cancelled its dividend for the year.
Huge reinsurance claims hit Nissan Fire, Aioi Insurance and Taisei Fire & Marine Insurance last year. Taisei Fire filed for court protection in November.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
