Aflac computer glitch affects R167 million in insurance deals
Supplemental insurance provider, Aflac Incorporated, reported a computer-system malfunction that affected a total of 5 000 insurance transactions worth a combined ¥1.8 billion (R167 million), including monetary payments. Problems started during data processing relating to death insurance, individual annuity and other financial products. Affected services included insurance pay outs, refunds, acceptance of new policy applications and changes to policyholders’ addresses. Insurance monetary payments were later made manually. The hike does not reflect the latest massive damage estimate for a possible Nankai Trough earthquake off central and western Japan. If the estimate is taken into account, premiums may be increased further.
Quake insurance increase sought
A Japanese property and casualty industry body plans to raisee standard earthquake insurance premiumsmiums for housing by a nationwide average verage of 15.5 per cent, followingg the devastating March 2011 earthquake arthquake and tsunami which saw reserves serves decline sharply.
The Non-Life Insurance Rating ating Organisation of Japan has reported the plan to the Financial Services ervices Agency for screening and iss expected to implement the increase in July 2014. It will be the first increasecrease since the disasters.