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News Releases 2005
ITOCHU Corporation form a strategic business alliance with Ingosstrakh, one of the biggest insurance companies in Russia
- The first insurance service by Japanese staff for Japanese companies in Russia. -
March 25, 2005
ITOCHU Corporation and Ingosstrakh have signed an agreement on strategic partnership agreement aiming at further development of insurance business in Russia. ITOCHU will start insurance services in this April for Japanese companies that is developing business in Russia. This is the first approach for the Japanese company to deploy various and actual insurance services together with the Russian insurance company in Russia.
According to the agreement, Itochu is going to send a Japanese insurance specialist to Ingosstrakh for setting up the "Japan Desk" in their office and this will enable to conduct an effective insurance support for the Japanese companies that are going to set up and develop the business in Russia.
In the past, in order for Japanese companies to arrange an insurance coverage in Russia, they have to ask Japanese insurance companies to introduce a Russian insurance company who can issue the appropriate insurance policy. However, it sometimes takes a long time to arrange it properly due to mainly communication problem.
ITOCHU will send it's group companies staff to Ingosstrakh, and He/She will take prompt action on Japanese clients requests regarding insurance coverage and/or Insurance claim as "Japan Desk"
ITOCHU Corporation has been rendering insurance broking services in Hong Kong, UK, USA and Thailand. Apart from these insurance broking services, ITOCHU now tries to strengthen its positions in BRICs countries (Brazil, Russia, India and China) and to reach 3 billion yen turnover among foreign countries in 5 years.
