(PRWeb UK) April 13, 2011
Commercial Insurer Tokio Marine Europe would like to comment on the devastating earthquake which struck the north-eastern part of Japan on March 11.
As the controlling company for the European operations for Tokio Marine & Nichido Fire Insurance Co., Limited, Tokio Marine Europe Insurance Limited (TMEI) would like to express its sincere condolences to all its customers, agents, employees and the families and friends who have been affected by the recent events. We would also like to thank all those who have sent words of encouragement from all around the world. Tokio Marine Europe Insurance Limited would like to reassure its brokers and customers about the insured losses sustained by the Group as a result of the earthquake.
Personal lines insured losses, which include insurance cover for residential properties, will be retained by the Japanese government’s pooling scheme. Whilst Tokio Marine & Nichido Fire Insurance Co., Limited expects certain net losses from its commercial property lines, it is worth noting that the standard commercial property policy form does not cover policyholders against earthquake shock or tsunami risk. The global insurer also maintains a strict underwriting discipline when providing such coverage by endorsement.
It is expected that any impacts due to nuclear power plant failures will not affect Tokio Marine’s global operations as losses due to the earthquake are excluded from cover. Therefore, while it is too early to estimate the loss incurred in connection with this event, the financial stability of the company, along with reserves and capital available, will ensure losses do not affect the solidity of the Tokio Marine Group or
Tokio Marine Europe Insurance Limited.
On 25 March 2011, the rating agency Standard & Poor’s re-affirmed Tokio Marine & Nichido Fire Insurance Co., Limited’s and Tokio Marine Europe Insurance Limited’s financial strength rating as AA- stable outlook. Their view is that the credit quality of the Tokio Marine Group’s core subsidiaries will continue to exceed the level which is commensurate with the sovereign rating on Japan.
Tokio Marine & Nichido Fire Insurance Co., Limited can report that whilst most of its employees are safe, some are still reported as missing. A few sub-branches in the region have also suffered some damage. However, as a public insurance company, Tokio Marine can confirm that it will operate as usual and take all necessary measures to fulfill its business and social responsibilities.
Tokio Marine Europe Insurance Limited, 150 Leadenhall Street, London EC3V 4TE
Telephone +44 (0)20 7283 8844 Fax +44 (0)20 7398 2940
Member of the Association of British Insurers
Authorised and regulated by the Financial Services Authority Firm Reference Number 202574
Registered Office: 150 Leadenhall Street, London EC3V 4TE Registered Number: 989421 England
Founded in 1879, Tokio Marine is recognised as Japan's oldest insurer and one of the largest insurance groups in the world. Following a merger with Nichido Fire in 2004, Tokio Marine and Nichido Fire Insurance Co., Limited was formed. Find out more by visiting http://www.tokiomarine-nichido.co.jp/en/index.html
Tokio Marine & Nichido Fire Insurance Co., Limited, as well as all of its subsidiaries throughout the world unanimously benefit from ratings that testify to its high level of financial security. Tokio Marine & Nichido Fire Insurance Co., Limited and Tokio Marine Europe Insurance Limited are rated AA- for financial strength by Standard and Poor’s, (correct as at January 2011).
The Tokio Marine Group operates in thirty-eight countries and has twenty-nine thousand staff worldwide on a consolidated basis that look after the insurance requirements of clients across Europe, the Americas, the Middle East and Oceania (correct as at 31 March 2010).
Tokio Marine Europe Insurance Limited was established as the controlling company for the European operations for Tokio Marine & Nichido Fire Insurance Co., Limited.
Tokio Marine Europe Insurance Limited underwrites commercial property, casualty, marine and personal accident and travel insurance and our principal activity is to provide reliable, effective protection with innovative solutions throughout Europe. Tokio Marine Europe Insurance Limited is committed to delivering a high standard of professional service and customer satisfaction. Client confidence is gained through our expertise, financial strength and security, which is reinforced by the support and strong position of our parent Company.
Find out more by visiting http://www.tokiomarine.co.uk