Mitsui Sumitomo Insurance to help firms in China's Guangdong trade abroad

07, May. 2021

Photo by Chenyu Guan on Unsplash
Photo by Chenyu Guan on Unsplash

TOKYO, NNA - Japan's Mitsui Sumitomo Insurance Co. has developed a risk management scheme for companies in China's southern province of Guangdong to help their trade and investment abroad.

The risk management platform, developed by the company's wholly owned local subsidiary, Mitsui Sumitomo Insurance (China) Co., is intended to support Guangdong firms in cooperation with the provincial government's related departments, the Japanese nonlife insurer said Thursday.

Specifically, the platform allows Guangdong companies to collect overseas risk information and seek insurance cost estimates.

Insurance policies currently available under the scheme are liability insurance for products manufactured abroad and overseas travel insurance, with cargo marine insurance scheduled to be added in the future.

Mitsui Sumitomo said it will offer insurance products in partnership with China's three largest nonlife insurance companies -- PICC Property and Casualty Co., Ping An Property & Casualty Insurance Company of China, Ltd. and China Pacific Property Insurance Co.

Companies using the platform are supposed to conclude contacts with one of the three Chinese insurance firms, with the Mitsui and Sumitomo subsidiary playing the role of supporting the insurers. (NNA/Kyodo)