Suzhou to See Entry of the First Japanese Property Insurance Company
Nipponkoa Insurance Company, the fourth largest property insurance company in Japan, is going to set up its first branch company in China, according to the International Dept. Chief of Nipponkoa Insurance Co., Ltd., and Suzhou is the chosen location of the Nipponkoa branch.
So far there are tow Japanese insurance companies which have set up offices in Suzhou, Nippon Property Insurance and Nipponkoa. Nipponkoa entered China as early as 1982, when it set up 6 offices in Beijing, Shanghai, Shenzhen, Qingdao, Suzhou, and Dalian. The office in Suzhou was established in 2004.
Nipponkoa was founded in April 2001 through the merging of Nippon Fire and Marine Insurance and Nipponkoa Fire and Marine Insurance, and developed into the fourth largest property insurance company in Japan by later acquisitions. Apart from property insurance business, Nipponkoa operates in the field of life insurance by alliance with Meijiyssuda.
Despite its early entry into China over 20 years ago, Nopponkoa slowed down pace in setting up branch companies in China. Currently, Nippon Property Insurance Company had its subsidiary in Dalian, and the Shanghai offices of another two Japanese-financed property insurance companies, Mitsui Sumimoto Marine and Fire Insurance and the Tokio Marine and Fire Insurance, are being upgraded to subsidiary companies.
Earlier this month, a delegation from China-Singapore Suzhou Industrial Park made a special trip to Japan and gave marketing briefings in several major cities, which gave priority to new and hi-tech industries in Japan. In SIP alone, there have been 246 Japanese-invested enterprises, which are potential customers for Nipponkoa.
Previously, Nipponkoa was limited to package cooperation with some property insurance companies in China by contract, due to the absence of business organs in China.
April 10, 2006