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Monday, April 6, 2015 - 02:16
African networking

Hollard Insurance and Tokio Marine & Nichido Fire Insurance (Tokio Marine), Japan’s oldest insurance company, has announced a business relationship agreement to collaborate on and co-ordinate specific initiatives relevant for Japanese clients in Sub-Saharan Africa, with a focus on risk and insurance requirements.

This agreement follows an initial partnership between the two insurers in 2014 in respect of a pilot project in Indonesia. The new agreement will see Hollard establish a Tokio Marine Japan Desk, which will exclusively handle Japanese business for Tokio Marine & Nichido and its group companies.
Frans Prinsloo, Hollard International MD says, “Japan represents a significant investor into Africa. Through this partnership the Tokio Marine Japan Desk will enable the Japanese insurer to offer insurance products and services to its clients through Hollard’s extensive African network.”
According to a Department of Foreign Affairs 2013 report, Japan is consistently one of South Africa’s top trading partners with the country being South Africa’s 3rd largest export destination and the 4th largest import source in 2012. South Africa is Japan’s largest African trading partner and enjoys a trade surplus with Japan.
Hollard has fully-fledged Non-Life licences in South Africa, Namibia, Botswana, Mozambique and, as of earlier this year, Ghana. Through various partnerships and joint venture arrangements, Hollard is able to provide cover in a further 20 countries on the continent, including significant access to East Africa and West Africa.
In addition Tokio Marine will open a new office in Johannesburg in April 2015 and will deploy a representative to enhance market research capabilities in the region. Hollard and Tokio Marine will collaborate in this undertaking.
Sub-Saharan Africa has for some time attracted the attention of organisations across the world, as a result of its burgeoning population and strong economic growth. The combination of Hollard’s strong network within the region together with Tokio Marine’s expertise in international business will strengthen the organisations’ presence in the region and provide higher levels of customer service.
“Hollard is well placed to partner with international insurers and brokers looking to offer clients insurance products specifically tailored towards their needs in southern Africa. Our knowledge and expertise of the African markets combined with Tokio Marine’s understanding of the Japanese culture and business ethic, makes this a niche worthy of exploration,” concludes Prinsloo.

About Hollard Insurance

As South Africa's largest privately-owned insurance group, the Hollard Insurance Group includes the Hollard Insurance Company and Hollard Life Assurance Company. Established in 1980, the Group provides short-term and life insurance as well as investment products to a diverse customer base including individual consumers, commercial entities and corporate clients. It ranks among a growing number of companies advocating an inclusive growth model, measuring its social dividends aside its shareholder contributions.
Since inception, partnership has been at the heart of its business model, with the group today boasting over 100 ventures across the insurance value chain. Each one demonstrates the Hollard belief that there is always a better way.
Headquartered in the historic Villa Arcadia in Parktown, Johannesburg, the group embraces 6 million policy holders in 10 countries on four continents. Hollard employs almost 3 000 people across the globe and posted R15,3 billion in premium income in the year to June 2014.

About Tokio Marine & Nichido

Tokio Maine & Nichido is the oldest insurance company in Japan, which was originally founded in 1879 as Tokio Marine Insurance. It is a subsidiary of Tokio Marine Holdings, Inc. (formerly known as Millea Holdings until 2008), one of the largest insurance groups in Japan in terms of revenue, employing over 30,000 people in 38 countries worldwide.
The company has 17 217 employees, with net premiums written at Japanese Yen 1,966.3 billion (approx. US$16.6 billion), and total assets worth Y8 374.2 billion (approx. US$70.9 billion).

Copyright © Insurance Times and Investments® Vol:28.4 1st April, 2015
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