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The Tokyo-based nonlife insurer said it is the first Japanese insurance company to sell weather insurance in the U.S. market. With a maximum coverage of US$175,000 for an insured claim, the weather product was developed by Mitsui Sumitomo's subsidiaries Mitsui Sumitomo Insurance USA Inc. and Mitsui Sumitomo Insurance Guaranteed Weather.
The weather insurance, with a premium price of US$22,500, mainly targets local governments and companies, offering protection for losses caused by unusual weather such as heavy snows.
The weather product first rolled out sales in the state of Kansas, and the insurer plans to introduce it to all 50 states. In 2007, Mitsui Sumitomo introduced weather derivatives in the United States. The insurer said it is looking to expand this weather insurance line globally, riding on its work in the weather derivatives market.
Mitsui Sumitomo said the development of weather insurance is one of the initiatives it is pursuing to achieve a 5 billion yen income target from risk-related financial services by 2010. The insurer plans to expand its market presence in weather products in Europe and Asia.
Mitsui Sumitomo Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A+ (Superior).
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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