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Press Release
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

2. Reasons of Selection
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

3. Selection panel
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.

4. Further information
(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.


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