BUSINESS IN SHORT

Japanese insurer enters Slovak market

MITSUI Sumitomo Insurance Group, based in Japan, has started insurance activities in the Slovak market. The company’s representatives said on June 9 that the Slovak unit is the insurer’s first completely functional office in central and eastern Europe and that its insurance underwriting activities began on April 1, 2009, the SITA newswire reported.

MITSUI Sumitomo Insurance Group, based in Japan, has started insurance activities in the Slovak market. The company’s representatives said on June 9 that the Slovak unit is the insurer’s first completely functional office in central and eastern Europe and that its insurance underwriting activities began on April 1, 2009, the SITA newswire reported.

The group considers its Slovak subsidiary an essential base for the region as the group plans to expand further to the Czech Republic, Hungary, and maybe to Poland. Slovakia will serve as its hub for operations in the region.

The company is engaged in commercial insurance activities including insuring property, technical risks and liability and transportation. Representatives of the group said that they do not think that it is a bad decision to open its Slovak unit during the economic crisis.

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