MITSUI Sumitomo Insurance Group (MSIG) has opened an office in Slovakia, Mitsui Sumitomo Slovakia. The Slovak unit is the insurer's first completely functional office in central and eastern Europe. It started operating fully on April 1, 2009.
The group said it considers its Slovak subsidiary essential for the region. The group plans future expansion into the Czech Republic, Hungary, and possibly Poland, but Slovakia will serve as its hub for operations in the region, the SITA newswire wrote.
The company is engaged in corporate insurance activities including insurance of property, technical risks and liability, as well as transport insurance.
Representatives of the group say they are confident about their decision to open a unit in Slovakia during a period of economic crisis.
Branch manager Dušan Smoleňák said that some insurance companies may be facing problems in Slovakia but this mainly affects life insurance.
“We are not considering life insurance services, we are exclusively a non-life insurer,” he said. “The crisis and the problem of ordinary people cancelling their insurance policies therefore do not concern us.”
Mitsui Sumitomo Insurance Group is a leading provider of general insurance solutions. Its 300 offices located in 40 countries outside Japan deal mainly in non-life insurance activities. It provides life insurance mainly in Japan and other Asian countries.
2. Nov 2009 at 0:00 | Compiled by Spectator staff