Japan insurers see growth in Southeast Asia despite COVID slump

Sompo keen to expand care business in region, as others seek acquisitions

20211201 Tokio Marine, MS&AD and Sompo Japan

Tokio Marine, MS&AD and Sompo Japan are all considering plans to tap the Southeast Asian markets. (Source photos by Rie Ishii, Yo Inoue and Shihoko Nakaoka) 

MITSURU OBE, Nikkei Asia chief business news correspondent

TOKYO -- Japanese nonlife insurers are looking to expand in Southeast Asia even as the region is still reeling from COVID.

All three companies -- Tokio Marine, MS&AD and Sompo Japan -- say they are actively looking for acquisitions, while acknowledging that the region is facing challenges, with the Thai, Vietnamese and Malaysian economies all contracting in the July-September quarter.

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