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Japan insurer Sompo begins Asia expansion as Western rivals retreat

Local digital partners and AI to help push Sompo's drive into Asian retail insurance

Japanese general insurer Sompo Holdings is ramping up its presence in Southeast Asia, hoping to fill the gap left behind by Western insurers.(Photo by Yoshiyuki Tamai)

TOKYO -- Japanese general insurer Sompo Holdings has embarked on a major push into Southeast Asia's giant retail market as western rivals such as the US's AIG and Insurance Australia Group retreat.

Sompo's focus on the retail business in Asia contrasts with those of its Japanese peers -- Tokio Marine Holdings and  MS&AD -- which are focused on commercial businesses such as insurance for factories, buildings and marine cargo. Raising its brand recognition will be key if Sompo were to succeed in the retail market dominated by local players.

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