Tokio Marine reports potential data breach
Tokio Marine reports potential data breach | Insurance Business Asia
Cyber
Tokio Marine reports potential data breach
Over 63,000 policyholders at risk
Cyber
By
Roxanne Libatique
Tokio Marine Holdings Inc, a major Japanese insurance company, has reported a potential leak of personal information affecting about 63,200 policyholders
This issue was identified following a ransomware attack on a server operated by an outsourced accounting firm.
Tokio Marine & Nichido Fire Insurance Co
Tokio Marine & Nichido Life Insurance Co
E.design Insurance Co
The compromised data includes names, addresses, and insurance policy numbers. Currently, there have been no reports of unauthorised use of this information.
Tokio Marine & Nichido Fire Insurance Co premiums to reportedly increase
Tokio Marine & Nichido Fire Insurance Co is among Japan’s four leading non-life insurers reportedly set to raise fire insurance premiums by approximately 10% nationwide starting in October, according to industry sources.
According to Nippon, this increase is due to higher payouts for natural disasters and the rising costs of home repairs.
The other insurers involved in the rate hike are:
Sompo Japan Insurance Inc
Mitsui Sumitomo Insurance Co
Aioi Nissay Dowa Insurance Co
Last year, the Financial Services Agency approved a plan to raise reference rates for fire insurance by an average of 13%, which insurers use to set premiums.
Current insurance premiums will no longer apply to new EV customers, including those purchasing transferred vehicles. Instead, new premium rates will be determined on a case-by-case basis.
This announcement comes amid rumours that Tokio Marine had stopped offering EV insurance. The company clarified that its services are still available but under revised conditions. For existing policyholders, renewal premiums will be based on their claim history.
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