Kemper Teams Up With Tokyo Insurer To Offer Discount Coverage To Japanese Corporations

The Kemper Insurance Cos. (Long Grove, IL) have formed a marketing alliance with a major Japanese property/casualty insurer to sell at a discount to Japanese corporations. The arrangement with Tokyo-based Sumitomo Marine & Fire Insurance Co. is designed to take advantage of recent deregulation in the Japanese banking, brokerage and insurance industries.

Kemper spokesman Greg Ives said Japan is the second-largest insurance market in the world, but it has been "way behind" in risk management. The deregulation allows for discount schemes not previously available. Kemper will provide its risk-management expertise, while Sumitomo will market the lower-cost products through its extensive sales network, the companies said.

"Traditionally, insurance companies in Japan charge high premiums without regard to risk," said Margaret MacLean, Kemper's international relations manager based in Chicago. "We'll work directly with Japanese clients to help them prevent fires, reduce losses and save on their premiums."