Tokio Marine Insurans (Malaysia) Berhad or TMIM is a subsidiary of Tokio Marine Asia Pte. Ltd., in Singapore, and its ultimate holding company is Tokio Marine Holdings Inc., in Japan.
Tokio Marine Holdings Inc was formed in April 2002 as a result of the coming together of The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine") and The Nichido Fire and Marine Insurance Company, Limited ("Nichido Fire"). TMF was incorporated in 1879 and is the oldest and largest non-life insurer in Japan. Its insurance network spans worldwide and it has at least one office in every major city in the world. On 1st October 2004, TMF merged with The Nichido Fire and Marine Insurance Company, Limited to form Tokio Marine & Nichido Fire Insurance Co., Ltd ("Tokio Marine & Nichido").
TMF's presence in Malaysia dated way back to the 1950s when it commenced underwriting business through “The Overseas Assurance” as an underwriting agent. In 1974, the Malaysian branch operation was set up and this was locally incorporated in 1980. In line with the New Economic Policy, TMF eventually reduced its equity interest in this company, which is currently known as Berjaya General Insurance Berhad (BGI), to 30%. Subsequently, due to the pressing need to make its presence more effectively felt in the local insurance scene, TMF decided to venture out on its own by acquiring Wing On General Insurance Berhad in 1999 and changed its name to Tokio Marine Insurans (Malaysia) Berhad (TMIM) and divested its interest in BGI.
Since the change in its corporate structure in 1999, TMIM has undergone various restructuring processes to strengthen and position itself to be one of the major insurance players in the local scene. It has indeed gone from strength to strength, proven by the significant premium growth from RM31million in 1999 to about RM420 million for the year 2007.
The Company is managed by a team of professional and dedicated staff and much emphasis has been placed on providing innovative and competitive insurance products and excellent services to its intermediaries and clients. We have always been guided by Millea's corporate philosophy in providing competent and efficient service to all our clients and business partners with customers trust as the base of all our activities.
On 1st November 2002, TMIM completed its takeover of the insurance business, assets and liabilities of Amanah General Insurance Berhad (AGIB) a local general insurance company in Malaysia. The acquisition of AGIB had enabled TMIM to expand its branch network from just two to eight branches.
Further to the acquisition of AGIB, TMIM also acquired the insurance business, assets and liabilities of Asia Insurance (Malaysia) Berhad (AIMB), of which the exercise was completed on 1 st September 2007. The acquisition of AIMB has again enabled TMIM to expand its branch network from eight to 20 branches, of which all are strategically located in the major cities/towns in Peninsular and East Malaysia.
The current enlarged network will bring in many opportunities to the Company in terms of having better marketing reach as well as enabling us to significantly enhance our service to intermediaries and clients.
As a licensed insurance company in Malaysia, TMIM has a very good mix of business from the different production sources, namely, the direct corporate, agency related, broking and franchise distribution channels.
TMIM underwrites a healthy composition of classes of business. For the year ended 31st December 2007, our total premium production comprises Marine 9%; Fire 17%; Miscellaneous 20% and Motor 54%. |