Milestones

Several milestones have marked Tokio Marine's business in China.

In 2004, the former China Insurance Regulatory Commission issued a notice regarding the transformation of foreign property insurance branches into wholly-owned property insurance companies, allowing foreign property insurance companies to transform their branches into subsidiaries.

In 2008, the former Tokio Marine & Nichido Fire Insurance Shanghai Branch was approved to be transformed into a wholly-owned corporation. With this transformation came more autonomy and decision-making power, allowing the company to develop strategies more efficiently based on the local market.

The opening of the compulsory motor vehicle liability insurance market was an important milestone for Tokio Marine's business in China. Before 2012, foreign property insurance companies could only offer commercial vehicle insurance and were not allowed to offer compulsory motor vehicle liability insurance. However, if consumers insured their motor vehicles separately with two insurance companies, one for compulsory insurance and the other for commercial insurance, it would be inconvenient for claims settlement and not conducive to the development of commercial vehicle insurance.

In 2012, the former China Insurance Regulatory Commission revised the "Regulations on Compulsory Motor Vehicle Traffic Accident Liability Insurance" and officially opened the compulsory motor vehicle liability insurance market to foreign property insurance companies.

In November 2014, Tokio Marine became one of the first foreign property insurance companies to obtain the qualification to offer compulsory motor vehicle liability insurance.

Tokio Marine participated as a co-insurer in the 2010 Shanghai World Expo. The insurance coverage for the expo consisted of three levels: statutory insurance, prescribed insurance, and commercial insurance. These levels complemented and supplemented each other, forming a comprehensive "safety net" to mitigate the operational risks of the Shanghai World Expo.

Statutory insurance included compulsory motor vehicle liability insurance, work injury insurance, medical insurance, and comprehensive insurance for non-local employees in Shanghai. Compulsory motor vehicle liability insurance was offered by commercial insurance companies, while the other three types fell under the category of social insurance and were covered by social security funds. Prescribed insurance included comprehensive liability insurance, construction and installation engineering insurance, property insurance, and insurance for exhibits and artworks.

These four types of insurance represented the minimum insurance requirements set by the expo organizers for exhibitors and other participants, and they formed the main components of the insurance coverage for the Shanghai World Expo.

The insurance services provided for the expo showcased the collective achievements of China's insurance industry. Tokio Marine, as one of the few foreign insurers among the co-insurers, participated in the underwriting of the expo insurance and was recognized by regulatory authorities for its role in providing financial services for the Shanghai World Expo.

Similar collaborations continue to this day.

Indicator

This year marks Tokio Marine's third consecutive appearance at the China International Import Expo (CIIE) in Shanghai. The CIIE, held for the sixth year in a row, serves as a compass for China's ongoing deepening of reforms and opening up.

This year's CIIE aims to achieve "a carbon-neutral and plastic-free event, promoting green and smart travel" and is dedicated to promoting sustainable development. This goal aligns with Tokio Marine's strategic direction.

Last year, Tokio Marine & Nichido Fire Insurance (China) explicitly incorporated the Sustainable Development Goals (SDGs) into its business strategy, aligning with the United Nations' sustainable development agenda and focusing on four priority areas for addressing social issues in line with China's national strategy.

The first area is green transformation, where the company develops and provides customized insurance solutions to address new risks and challenges faced by customers in promoting green transformation amid the backdrop of the "dual carbon" goals.

The second area is contributing to a "Healthy China" by collaborating with Chinese and Japanese companies that provide various services to create a "Health Promotion Industry Alliance".

The third area is disaster prevention and reduction services. By adopting advanced technologies, the company provides customized disaster prevention and reduction services that suit customers' business development and operating environment, helping them increase their disaster resilience.

The fourth area is empowering industrial upgrades, where the company proposes insurance solutions to support the digitalization of the manufacturing industry.

In July of last year, Tokio Marine, along with Panasonic (China) and Omron (China), jointly established the pioneering "Health Promotion Industry Alliance" in China. Through cross-industry collaboration, the three companies aim to contribute to building a "Healthy China" by leveraging their respective strengths in products and services.

They are committed to integrating their experiences and building a new ecosystem for health, medical, and insurance services to meet increasing demand for high-quality health services under the national strategy "Healthy China 2030." This collaboration has deepened this year, and they have developed health promotion solutions for residents and employees of Panasonic's Wellness Smart Town.

While deepening existing collaborations, Tokio Marine is also helping Chinese companies go global. With its global network of more than 250 offices, including offices specializing in cargo claims, and its leading cargo insurance technology and services worldwide, the company can leverage its strengths to provide insurance coverage that better supports Chinese companies in their global expansion.

"I have worked in Shanghai for over seven years, and the city has provided opportunities for foreigners and foreign-funded enterprises to grow. This is a rare and precious thing," said Fujita at the award ceremony for the 2023 Shanghai Magnolia Silver Award. She believes that this openness characterizes the city's spirit.