Risk Management

Willis Towers Watson (WTW) is expanding its Corporate Risk & Broking team in Japan, hiring 22 professionals in 2025. This growth targets Japan’s projected insurance market expansion from JPY11.7 trillion in 2024 to JPY12.7 trillion by 2028. New hires strengthen Risk & Analytics, Reinsurance, Marine, Business Development, and Claims divisions, bringing expertise from firms like Marsh and Tokio Marine. Japan’s significant marine insurance market, representing 11% of the global fleet, is a key focus area.

**Zurich China paid a landmark $40 million settlement** for a product liability claim. A US child suffered permanent injuries in 2022 after swallowing a button battery from a defective Chinese-manufactured air conditioner remote insured by Zurich. As the excess layer insurer, Zurich settled the original $125.2M lawsuit to avoid a potentially higher US jury verdict. Completed in June 2025 (~¥141M), the payment impacted profits but left the insurer financially sound. This record settlement starkly highlights the catastrophic liability risks in markets like the US and the need for robust safety and tailored insurance for exporters.