Standard & Poor’s are the latest ratings agency to turn to a negative outlook on some of the bigger Japanese insurance companies (our article on Moody’s negative sentiment here). S&P have revised the outlook on nine Japanese insurers in the wake of the earthquake and tsunami disaster.
The nine insurers are: Mitsui Sumitomo Insurance Co. Ltd.; Aioi Nissay Dowa Insurance Co. Ltd.; Mitsui Sumitomo Kirameki Life Insurance Co. Ltd.; Mitsui Sumitomo MetLife Insurance Co. Ltd.; Sompo Japan Insurance Inc.; NIPPONKOA Insurance Co. Ltd.; Sompo Japan Himawari Life Insurance Co. Ltd.; Kyoei Fire & Marine Insurance Co.; and Secom General Insurance Co. Ltd.
The outlook has turned negative, says S&P, as they expect the eventual losses from the earthquake and tsunami to negatively affect the financials os these nine insurers.
The article from S&P is available here.