Partnerships for the development of China’s insurance sector
John Zheng, Executive Director and Vice President; Yukitaka Ito, Chairman and President; Shigetaka Iwano, Executive Director and Vice President; Ryogo Masuda, Corporate Planning Department General Manager
Under the MS&AD Insurance Group, Mitsui Sumitomo Insurance China (MSIC) was incorporated in September 2007. Celebrating its 10th anniversary in China this year, MSIC is the number one Japanese non-life insurance company in the country in terms of gross premiums.
“As a leading Japanese general insurance company in China, we have been able to respond to the changes that have taken place across Chinese society, and we continue to focus on delivering security and safety to our customers,” said Yukitaka Ito, chairman and president of MSIC.
The company supports Japanese customers in China, and increasingly services multinational companies through the group’s global network. In 2004, the company established a strategic partnership with CPIC, one of the three major insurance companies in China.
“CPIC has become, and continues to be, a reliable and indispensable partner for us,” said Ito. “In 2010, we established InterRisk Shanghai to provide comprehensive and professional risk management services to customers in close cooperation with CPIC.”
Economically, China is maintaining 6 percent growth. Its automotive sector alone provides the insurance industry with approximately 10 percent growth per year. MSIC is continuing to successfully expand its scale in China, and has been granted Standard and Poor’s “A” rating for nine consecutive years.
Looking forward, the government of China is focused on economic stability. During this “new normal” period, its economy is expected to grow moderately.
“The next few years will benefit the insurance industry,” said Ito. “We expect many business opportunities to present themselves through the strengthening of Japan-China cooperation, innovation in the internet of things, the growth of environmental protection technology and the Chinese government’s ‘China Manufacture 2025’ initiative.”
“Importantly, the continued development of the already diligent and confident young Chinese population will benefit China,” he concluded. “Our rich experience and professional skills will enable us to continue providing customers — young and old — with the most suitable insurance products, timely claims solutions and professional risk management services.”