Taiwan-based Tokio Marine Newa Insurance Co. Ltd. (TM Newa) faces substantial claim losses on its COVID-19 pandemic insurance policies which we expect to weaken the insurer's capitalization. We acknowledge the considerable uncertainty surrounding the full extent of potential claim numbers as the pandemic evolves, as well as the scope and timing of the insurer's proposed capital restoration plan. We have therefore placed our 'A' long-term local currency financial strength rating and issuer credit rating on Tokio Marine Newa on CreditWatch with negative implications. On June 8, 2022, S&P Global Ratings placed its 'A' long-term local currency financial strength rating and issuer credit rating on TM Newa on CreditWatch with negative implications. We aim to resolve the CreditWatch placement after we
