...Criteria Application for Sector: This report addresses how Fitch Ratings applies its global master criteria to the insurance industry when analysing insurers in Japan. It focuses on the application of the key credit factors that are outlined in Section I of the Master Criteria report. This report does not introduce new criteria but interprets how the master criteria are applied at an individual company level to reflect sector-specific attributes. Key Credit Factors: Consistent with the master insurance criteria, companies in the Japanese insurance sector are evaluated on 12 qualitative and quantitative key credit factors. In selected cases, the start-up or run-off nature of an organization acts as an additional qualitative credit factor that can limit the rating level. Key Qualitative Factors: These include: sovereign and country-related constraints; industry profile and operating environment; market position and size/scale; ownership; and corporate governance and management. Key Quantitative...
