INSURERS LOOK TO BOOST PRESENCE ACROSS ASIA

A number of Japanese insurers are looking to increase their presence across Asia by revamping their operating structures. As part of the shake-up, Sompo Japan Insurance is looking to create a holding company in Singapore to act as a strategic base for the company’s presence in the region. It will encapsulate Sompo Japan’s local subsidiaries and joint ventures including those in Malaysia and Thailand. The company believes the move will allow it to develop business and address new markets more quickly. Another Japanese insurer, Nipponkoa, has applied to the Chinese insurance authorities to open a local subsidiary in Shenzhen and hopes to soon to start underwriting in China.