Norway’s Skuld is opening an office in Tokyo to market its diverse marine insurance offering in the Japanese market.
The move comes amid continued growth in the private shipowning sector in Japan. Many local owners are also looking to source more of their insurance services outside the country.
The Japanese market has attracted more attention from the major protection and indemnity clubs over recent years.
Skuld will offer mutual P&I cover along with its commercial hull and machinery lines to the domestic market.
Skuld has grown its commercial insurance activities to the extent that they have surpassed its P&I income.
In the last policy year, it earned $202m in mutual P&I premium and $218m from its commercial marine insurance business lines.
According to its latest figures, its P&I premium grew by 2.3% last year and its commercial insurance lines by 13%.
Chief executive Stale Hansen wants to strengthen the club’s presence in Japan.
“Skuld has over many years enjoyed strong relationships with Japanese shipowners as well as the local insurance market, and having a physical presence in Japan, close to members and clients, will further strengthen our service offering,” he said.
Jinsung Son, who was formerly with the Japan P&I Club, has been hired to head the Tokyo office.
Asia is the biggest single market for Skuld, which already has offices in Hong Kong and Singapore.
