Japan's Tokio Marine Holdings plans to use its Thai insurance companies as bases for business insurance policies for those investing in neighbouring countries, aiming to boost profit from the Asean region to 20% by 2017, says its chief.
Thailand has a geographic advantage in Asean, where infrastructure investments are booming, said president and chief executive Tsuyoshi Nagano.
He said during a visit here both life and non-life insurers can use its Thai companies to jump on the opportunity.
Tokio Marine Holdings has two local companies — Tokio Marine Insurance (Thailand) and Tokio Marine Life Insurance (Thailand). Tokio Marine Insurance will initially offer transportation protection to companies investing in the region.
Countries other than Japan generate 35% of Tokio Marine Holdings' profit, with 12% from Asean. It will soon set up a branch in Myanmar, marking its eighth country in Asean. Overseas markets are pivotal for Tokio Marine as Japan is a saturated and quite aged market, said Mr Nagano.