Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly-owned subsidiary of Sompo Holdings of Tokyo, Japan, has launched a new strategic partnership in Africa: Sompo International will form alliances with both Sanlam Limited and SAHAM Finances through a partnership agreement executed by Sompo Japan Nipponkoa Insurance.
This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam Limited, South Africa’s largest financial group, and SAHAM Group’s insurance subsidiaries.
Sanlam and its subsidiaries are leading financial service providers of life and non-life insurance. Santam is the largest non-life insurance company in South Africa by gross written premiums. Sanlam Emerging Markets, which was established in 2011, has life and non-life insurance operations in 14 of the fastest developing African countries.
SAHAM Finances is the largest Pan African insurance group excluding South Africa. It has operations in 26 countries where it provides insurance, reinsurance, assistance and third party administration (TPA) services.
The new partnership will enable Sompo to better support the African operations of their Japanese customers as well as to expand their distribution of new products to local businesses.
The size of the insurance market in Africa is USD20 billion and, while only 1% of the total global market, with compound annual growth projected at 3.2% there remains considerable scope for development of this emerging insurance market.
Furthermore, Japanese private/public investment into African countries is expected to be USD30 billion, with some private companies such as construction firms looking to actively promote high-quality Japanese infrastructure technologies to African countries.
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