Magazine date:
Jul 2015 A.M. Best placed under review with negative implications two non life Chinese insurers, Aioi Nissay Dowa Insurance (ADIC) and Hyundai Insurance Company (HIC). The US rating agency justifies this decision by the large losses caused to vehicle fleets during the explosion of 12 August 2015 in Tianjin, China.
ADIC, insurer of the car dealer Toyota and Hyundai Insurance should expect substantial liquidity and credit risk due to a high exposure to insured losses.
As a reminder, the Tianjin man-made disaster damaged more than 8 000 insured cars. Losses pertaining to insurers are estimated at 1.5 billion USD.