World Library  
Flag as Inappropriate
Email this Article

Sompo Japan Insurance

Article Id: WHEBN0022924207
Reproduction Date:

Title: Sompo Japan Insurance  
Author: World Heritage Encyclopedia
Language: English
Subject: List of companies of Japan, Yoshisuke Aikawa, Mitsui Sumitomo Insurance Group, Yasuda Zenjirō, List of insurance companies in Singapore, Dai-ichi Life, Nissan Group, Fuyo Group, Female Honinbo, DKB Group
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Sompo Japan Insurance

Sompo Japan Nipponkoa Insurance Inc.
Type private
Industry Insurance
Founded 1887 as Tokyo Fire Insurance
Headquarters Shinjuku, Tokyo, Japan
Area served Worldwide
Key people Masatoshi Sato (President & CEO)
Revenue FY 2007)
Net income FY 2007)
Employees 16,095 (2008)
Parent NKSJ
Website SJNK.co.jp
The Sompo Japan Building, in Shinjuku, Tokyo.

Sompo Japan Nipponkoa Insurance Inc. (損害保険ジャパン日本興亜株式会社 Songai Hoken Japan Nipponkōa Kabushiki-Kaisha), or Sompo Japan Nipponkoa (損保ジャパン日本興亜), is a Japanese insurance company. It is the second-largest property insurance company in Japan only behind Tokio Marine, with market share of 19.3% in 2007.[1]

The “Sompo” in the company's name means “property insurance” in Japanese, though Sompo Japan offers a range of financial services including life insurance, securities, asset management and venture capital businesses.

History

Tokyo Fire Insurance Company, Ltd. was established in 1887 as Japan's first fire insurance company. The company worked to cultivate an awareness of fire insurance, and five branch offices were added within a year. The major Yokosuka fire of 1890, however, nearly toppled the fledgling company.[2]

In 1893, Japanese entrepreneur Zenjiro Yasuda absorbed the Tokyo Fire Insurance Company into the Yasuda zaibatsu. Later, in 1944, Tokyo Fire Insurance, Imperial Marine Insurance, and First Engine & Boiler Insurance merged to become the Yasuda Fire & Marine Insurance Company (安田火災海上保険).[2]

Yasuda Fire made a successful bid for Van Gogh's "Sunflower" paintings for about 5.3 billion yen in 1987.

On July 1, 2002, Yasuda Fire and Nissan Fire & Marine Insurance (日産火災海上保険) merged into a new company, Sompo Japan Insurance Inc.

In December 2002, Sompo Japan acquired Taisei Fire & Marine Insurance.

In September 2014, Sompo Japan acquired Nipponkoa Insurance.

International operations

Sompo Japan Nipponkoa has offices and subsidiaries in 28 countries, providing insurance services and risk management expertise.

Asia Pacific

In June 2005, Sompo Japan established Sompo Japan Insurance (China) Co., Ltd. in Dalian, China.

Sompo Japan's Australian branch has more than 35 years of operating history.

In 2007, Sompo Japan developed its business in Malaysia by purchasing a 30% stake of Berjaya General Insurance Bhd, now Berjaya Sompo Insurance.

In 2008, Sompo Japan established a joint venture with local financial institutions in India, Universal Sompo General Insurance (main office in Mumbai).

Europe

Sompo Japan has been serving clients in Europe for about 50 years with offices in the United Kingdom, Belgium, France, Germany, Italy, the Netherlands, Spain and Turkey. Sompo Japan Insurance Company of Europe, a corporate member of Lloyd's of London since 1993, conducts underwriting and provides claim settlement, risk management and insurance information mainly to Japanese companies.

Americas

Through its subsidiary Sompo Japan Insurance Company of America, headquarterd in New York, Sompo Japan conducts property and casualty insurance operations in the United States and Canada. Sompo Japan Insurance De Mexico S.A. de C.V. started local operation in Mexico in 1998.

In South America, Sompo Japan's main base of operations is its subsidiary in Brazil, Yasuda Seguros S.A., established in 1958. The majority of Yasuda Seguros clients are local businesses and individuals.

References

  1. ^ Sompo Japan Insurance Inc. Corporate Presentation. July 2008.
  2. ^ a b "The Yasuda Fire and Marine Insurance Company, Limited". Retrieved 2008-04-20. 
  • Sompo Japan Annual Report 2008

External links

  • Sompo Japan Nipponkoa
  • Sompo Japan Insurance de Mexico
  • Sompo Japan Nipponkoa Museum of art
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.