Japan is the 2nd largest non-life insurance market in the world, after the USA.
There are 32 Japanese companies and 21 foreign companies operating in Japan.
The market share of 21 foreign companies is just over 4.5%. There is only one
company that has kept the flag of the Indian and Asian insurance industry high
for more than 5 decades in the highly competitive market- The New India
Assurance Co. Ltd.
One of the major business operations of the
company in Japan is to assist the Indian office in procuring business emanating
from Japanese companies that undertake projects in India. New India Japan is
approached by not only Japanese companies but also by Japanese insurance
companies whose clients are in the process of acquiring interest in India, for
guidance.
Its gross premium income in 2002-03 was Yen 3.8
billion (Rs.153 crore), which was 15 percent higher than the previous year. The
company made a profit around Yen 40 million (Rs.1.64 crore) during the year,
all this despite a nearly zero growth and zero interest economy and continuing
recession in Japan.
New India writes all classes of traditional
non-life insurance business and more than 95% of its business is derived from
Japanese clients through its agents network.
