Swiss Re International SE Japan Branch (SRIJ), a member of Swiss Re Corporate Solutions, has received a non-life insurance license from the Financial Services Agency (FSA) and commenced its operations from 1 April.
The license will enable the SRIJ to offer direct insurance to large corporate clients and industry-specific property and casualty solutions.
Swiss Re said as a local admitted insurer its Japanese unit will support corporate clients in the country with tailor-made solutions and capacity in the areas such as commercial earthquake insurance and commercial liability protection.
SRIJ’s products and services for corporate clients in Japan mainly covers various lines of business that include: commercial property, stand-alone commercial earthquake, general liability, product liability, directors & officers liability, product recall, as well as engineering and construction.
Furthermore, SRIJ said it will offer risk transfer solutions such as captive retrocession and multi-year programs.
SRIJ representative Juerg Stoll said that the license enables SRIJ to provide resources to Japanese corporate clients in response to developing corporate risk needs, especially when facing challenging circumstances such as the recent events.
Swiss Re Corporate Solutions Head of Europe, Middle East, Africa & Asia Pacific Fred Kleiterp said that SRIJ’s presence will serve the Japanese commercial insurance market by better filling the gap between current and ideal protection levels.