 |
| March 26, 2004 |
|
| MSI Awarded "Excellent
Insurance Company" in Thailand |
Mitsui Sumitomo Insurance Company Limited ("MSI") (President
Hiroyuki Uemura) was awarded as one of "Excellent Insurance Companies"
for its branch operation by the Minister of Commerce of the Royal
Kingdom of Thailand.
MSI is the first Japanese non-life insurer that entered Asian local
markets of non-life insurance, starting with Thailand in 1954. The
award for this year when MSI celebrates half-century anniversary of
its entry to the region will encourage its Asian operations to be
rooted more firmly and to grow further in each local market. |
| 1. Background of the award |
|
"Insurance Festival" has been held as a 25th anniversary
memorial event of establishment of the Insurance Department within
the ministry from March 24th to 26th.
On 24th , the first day, MSI's Thailand Branch was awarded as one
of "Excellent Insurance Companies," insurers conducting
best managements, by the Minister of Commerce of the kingdom. |
|
<Laureates in the non-life insurance sector> |
|
| First awardee: |
|
Bangkok Insurance |
| Second awardees: |
|
Patra Insurance |
| |
|
and |
| |
|
Ayudhya Insurance, MSI's investee |
| Third awardees: |
|
Deves Insurance |
| |
|
and |
| |
|
Mitsui Sumitomo Insurance, Thailand Branch |
|
|
Excellence in the following points was presumably taken into consideration
of selection, these points should be followed by competitors. |
|
| (1) |
favorable results of operations |
| (2) |
financial soundness |
| (3) |
considerable retention of underwritings, contributing to
the insurance market in Thailand |
| (4) |
proactive suggestions to and cooperation with the local authorities
and insurers' associations |
| (5) |
social contribution activity |
|
|
The panel consists of the representatives of five bodies in Thailand;
the Insurance Department of the Ministry of Commerce and associations
of non-life insurers', life insurers' association, insurance brokers
and insurance agents. |
|
| (1) |
The ceremony was held with attendants, as many as about 250,
within the office of the Ministry on March 24. The Minister
and Vice Minister of Commerce and Director-General of Insurance
Department conferred the awards on the recipients. |
| (2) |
MSI was the only laureate from foreign non-life insurance
companies, including European and American as well as Japanese. |
|
|
The award indicates that MSI substantially ranks among the best
five out of 77 non-life insurers operating in Thailand, and demonstrates
that MSI's local operation has acquired high reputation in the kingdom.
MSI is continuously committed to enhance operation to meet needs of
customers. |
|
< Non-life insurance market in Thailand > |
|
| 1. |
Number of non-life insurance companies |
| |
About eighty |
| 2. |
Growth rate of market size by direct premiums written |
| |
Year
|
2000 |
2001 |
2002 |
y-o-y growth rate
|
+6.2% |
+12.9% |
+13.9% |
|
| 3. |
Premium rates |
| |
While premium rates in three lines of fire, automobile and
personal accident insurances are fixed at the tariff rates,
premiums are determined freely for the lines other than these
three in the market. |
|
|
