TOKIO MARINE LOOKING TO INCREASE PRESENCE IN ISLAMIC INSURANCE

Japan-based Tokio Marine & Nichido Fire, part of the Millea group, plans to extend its Islamic insurance interests in Malaysia and in the Middle East, according to company president Shuzo Sumi, speaking to Nikkei . Millea Holdings already sells some takaful products in Malaysia and Saudi Arabia, having created a unit in Dubai to sell the specialist insurance product in the Middle East. Mr Sumi said that the company planned to establish a joint venture in Egypt. He was reported as planning to set up an operation in each Middle Eastern country where takaful could be sold, although whether to enter any individual market would depend on assessing country risks, Mr Sumi said.