Tokio Marine news

Tokio Marine: Everything you need to know
Founded: 1879
Types of services: Property/casualty insurance
Established in Australia: 1963
Employees: 33,000

Tokio Marine Group is a global insurance company based in Tokyo, Japan. It was founded as Tokio Marine Insurance in 1879, and is Japan’s oldest general insurance company. It set up offices in Australia in 1963, and was registered as an overseas New Zealand company in May 1972.

Millea Holdings became the parent company to Tokio Marine Insurance and Nichido Fire Insurance in 2002, and the two then merged and became Tokio Marine Holdings in 2008. As of 2014, the company was operating in 37 countries and 486 cities worldwide, and had approximately 33,000 employees.

Tokio Marine’s product base includes corporate, construction and personal travel cover, along with cyber insurance and surety bonds. Its claims and loss prevention business handles motor vehicle, home and contents, business and marine claims.

Tokio Marine opened its first representative office in Melbourne in 1963, and currently holds an Australian Financial Services License and is authorised to underwrite insurance by the Australian Prudential Regulation Authority (APRA).

Up until 2015, NZI had fronted for Tokio Marine in New Zealand and had supported them with underwriting and broker relationship management. NZI dealt with Japanese clients for which Tokio had been the global insurer, but Tokio opened its first Auckland office in October 2015 and took over the running of all business previously managed by NZI.

Tokio Marine in the news
1879 – Tokio Marine Insurance is founded, becoming Japan’s oldest insurance company|
1963 – Tokio Marine’s first Australia office is set up
1972 – Tokio Marine registers as an overseas New Zealand company
2015 - Tokio Marine opens its first Auckland office, taking over from NZI’s management of its business
2017 - Tokio Marine announces that it will set up an insurance company in Luxembourg to write European business as a consequence of Brexit
2018 – Tokio Marine announces Daljitt Barn as its global head of cyber risk, with the executive making the switch from Munich Re
2019 – Tokio Marine’s chairman of the board, Shuzo Sumi, retires after being with the company for almost five decades. He is succeeded by president and group chief executive Tsuyoshi Nagano, and senior managing director Satoru Komiya becomes president and CEO.

Key people as of 2019

Tsuyoshi Nagano – Chairman of the Board
Nagano joined Tokio Marine in April 1975, and was appointed executive officer and general manager of Nagoya Production Department III of Tokio Marine & Nichido in June 2003. He became chairman of the board of Tokio Marine & Nichido in 2016, but resigned from the position in June 2019 to become the chairman of Tokio Marine Holdings, a position he holds to this day.

Satoru Komiya – President and Group CEO
Komiya has been with Tokio Marine for over 35 years, having first joined in April 1983 before being promoted to managing executive officer of Nisshin Fire & Marine in 2012. Following that, he spent time in the roles of managing executive officer, senior managing director and chairman of the board of Tokio Marine, and was promoted to president and CEO in June 2019.

Culture

Tokio Marine has a corporate social responsibility (CRS) programme and a group budget for charitable donations. These are targeted at organisations which promote the health and educational advancement of communities, have disaster relief connections, support diversity and environmental sustainability, and support the insurance industry. In 2017, Tokio Marine partnered with a number of charities including Body& Soul, LOROS, St Mungo’s and Velindre Cancer Centre.