Japanese insurer Sompo forging ahead with plans to expand in Asia

Singapore to become regional HQ for its 12 Asian markets

- Chor Khieng Yuit

Sompo International, the global insurance arm of Japan's Sompo Holdings, is forging ahead with expansion plans in Singapore and the region, regardless of how interest rates in Japan move.

Mr Julian James, the chief executive officer of global markets at the insurer's commercial business insurance division, said this in an exclusive interview with The Straits Times on March 21.

The Bank of Japan ended 17 years of negative interest rates when it raised its policy rate on March 19 to between 0 per cent and 0.1 per cent.

The move was well-signalled, Mr James said, and because the Japanese take a long-term view of around 10 years, interest rate changes will not affect their investment decisions.

Furthermore, Sompo International does business around the world, so rising interest rates in Japan do not really have an impact, Mr James added.