Entry into Insurance Brokerage Business in Bangalore, India
2008-09-25
Toyota Tsusho Corporation (Headquarters: Nagoya City; President: Junzo Shimizu) will enter into the insurance brokerage business in Bangalore, India.
Toyota Tsusho Insurance Broker (India) Pvt. Ltd., a local subsidiary established in Bangalore in February 2008 in a joint venture with the Kirloskar Group, an Indian conglomerate, obtained an official business license effective September 2 from the Insurance Regulatory and Development Authority (IRDA), the local competent authority. The company began brokerage operations for fire and casualty insurance and life insurance.
1. Background
The market in India for fire and casualty insurance and life insurance is expected to grow, with deregulation of pricing for fire and casualty insurance implemented on January 1, 2008, and deregulation of coverage expected to occur in the future. It has therefore been determined that in the future the brokerage needs of insurance policy holders will increase. The company will not limit its operations to Bangalore alone, with plans to establish a branch office in Delhi as well. Furthermore, optimum insurance programs will be offered to Japanese businesses that are entering the Indian market in rapid succession as the Indian economy continues to grow.
Toyota Tsusho?s insurance brokerage locations include the United States, Brazil, and Europe, and the latest operation in India is the seventh in Asia, following Thailand, Malaysia, Singapore, the Philippines, the Republic of Korea, and China.
2. Summary of the new company
Company name: Toyota Tsusho Insurance Broker (India) Pvt. Ltd.
Location: Embassy Star 7th Floor, No. 8 Palace Road Vasanth Nagar, Bangalore, India
Establishment date: February 8, 2008
Capital: INR12 million (approximately JPY30 million)
Controlling shares: Kirloskar Group (74%), Toyota Tsusho (26%)
Business lines: Brokerage operations for fire and casualty insurance and life insurance
press release (original)(44KB)
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