Sri Muang Insurance today announces its name change to “Tokio Marine Sri Muang Insurance”, as from January 2010

Thursday 13 August 2009 17:48
The Sri Muang Insurance Co., Ltd., a Thai operation of Tokio Marine Group, the oldest and the largest non-life insurance group in Japan, announces today (August 13, 2009) that the company prepares to change its name to “Tokio Marine Sri Muang Insurance” as from January, 2010.

Mr. Youichi Tamagaki, President of The Sri Muang Insurance Co., Ltd. said that the name change plan is in line with the world-wide branding strategy of Tokio Marine Group.

Tokio Marine group is the largest and the oldest general insurance group in Japan, and now operates on a world-wide basis over 36 countries. The group started business in Japan 130 years ago as a Marine Cargo Insurer. Since then, “Tokio Marine” has established its position as the top Marine Cargo insurance brand in the world, although the other class of business such as Motor Insurance is actually much larger than Marine Cargo Insurance in their portfolio nowadays. This is the background history why they have decided to choose “Tokio Marine” as their uniformed world-wide brand. They have already adopted “Tokio Marine” brand to their world-wide operations, such as Tokio Marine Singapore, Tokio Marine Malaysia, and Tokio Marine Indonesia. Thailand will follow the uniformed branding strategy as from 2010.

Mr. Tamagaki confirmed that the name change will have no affect to the company direction and policy. However, he also commented that he expects the new “Tokio Marine” brand will create more confident to the customers and agents / brokers about the financial and technical strength of the company. He also expects that the Japanese-brand insurer will be appreciated by Thai customers same as the Japanese-brand cars.

With regard to the first half performance of 2009, Mr. Tamakagi said that the company’s premiums totaled at 1.6 billion baht, down by 7% from the same period a year ago. The company has grown together with their Japanese corporate customers represented by Automobile industry, but the world-wide economical crisis hit heavily to their customers and their own business consequently. “Our Japanese corporate customers are now facing a very difficult time, and we are in the same situation. Our Marine Cargo business dropped significantly during the 1st half of this year, reflecting the struggling exports by our customers. Our Motor Insurance sales also showed a big drop this year, because of the slump of domestic new car sales. We are on the same boat with our customers, and we sincerely hope that the domestic economy and world-wide economy will be recovered as soon as possible,” he said.

The premiums can be broken down into the following ratio: 13% marine insurance, 20% fire insurance, 54% auto insurance and 13% miscellaneous.

Meanwhile, Khun Lhuckchai Suttichujit, Executive Vice President of Sri Muang Insurance Co., Ltd., added that the company had worked on expanding the network of competent agents to provide better insurance services nationwide. “These agents also serve as a link between retail customers and Sri Muang Insurance. In addition, we saw the need to improve the claim service for Motor insurance clients. As a result, we have set up 24 Hours Claims Call Service in the first quarter of this year to accept claims in a centralized format even beyond regular working hours through telephone number 02-686-8616. This allows for convenient information recording, search and monitoring. In addition, service can be more efficient and faster to improve level of customer satisfaction,” he explained.

“Although the market environment has been gloomy, we cannot afford to be static with our operation. New products are developed to cater to the needs of customers because we see insurance service as providing personal safety rather than just guaranteeing for objects. This is why we have launched PA Smile and PA Smile +, new polices aimed directly at personal accident insurance,” he said.

These 2 new products are designed and developed to cater to the needs of people caring for their own safety as the policies provide all kinds of accident insurance 24 hours a day, anywhere around the world, working or traveling, from physical injury to disability, death and murder. Insurance subscribers can be of any sex from 16 years to 60 years. The highlight of these types of insurance service includes the non-requirement on health examination, insurance premium rate according to occupation with coverage extending to motorcycle riders, and large compensation policy from daily compensation for loss of income, ambulance fee and mobile equipment fee.

Apart from developing a business plan to accommodate market expansion, Sri Muang Insurance also continues implementing several social supporting programs such as supporting to Don’t Drive Drunk Foundation to promote reduction of road accidents and providing support to family of the victims,” he said.

Other programs include scholarship privileges with the National Council on Social Welfare of Thailand ,the donation to the Wishing Well Foundation to support Foundation’s programs to help young cancer patients and blood disease patients.

Sri Muang Insurance is also, concern about environment protection and improving. The company has been continuously supporting the sustainable habitat development association in the preservation of the natural environment through “Rak Sri Muang, Rak Nam, Rak Pah Project” around Kuang River and Lao River in Chiang Mai Province, which includes reforestation and building of check dams following His Majesty the King’s initiative for the objective of creating natural balance to the eco system.

“Social programs are part of Sri Muang Insurance’s main operating policies because we realize the importance of quality living. We invest time and effort in developing our business along with creating good programs for our society. We will certainly continue to develop new insurance services for variety and efficiency to propel us to our ultimate goal,” he concluded.

For more information, please contacts

Alisa Tongsodjarerndee/ Jitdara Nopaket or Tikumporn Bunnaphasuch

Siam PR. Consultant Co.,Ltd. Sri Muang Insurance

Tel. 0-2693-7835-8 Ext. 15, 16 Tel. 0-2686-8888 Ext. 1962