SOMPO : Alliance with China' s Largest Internet Insurance Company ZhongAn Online P&C Insurance Co.,Ltd. －Joint Development of Overseas Travel Insurance for Travelers Visiting Japan－(PDF/76KB)

June 15, 2017

Sompo Holdings, Inc.

－Joint Development of Overseas Travel Insurance for Travelers Visiting Japan－

Sompo Holdings, Inc. (Kengo Sakurada, Group CEO and President) hereby announces that Sompo Japan Nipponkoa Insurance (China) Co., Ltd. (hereinafter, "SJNK (China)"), a Group subsidiary, has formed an alliance with ZhongAn Online P&C Insurance Co.,Ltd (hereinafter, "ZhongAn Insurance"*1) China's largest purely Internet-based insurance company, and jointly developed an overseas travel insurance product for travelers visiting Japan. Sales of the new product through ZhongAn Insurance are scheduled to start on June 20, 2017.

*1 ZhongAn Insurance is China's largest purely Internet-based insurance company. It was founded in 2013 as the first purely Internet-based insurance company in China through an investment by leading Chinese IT firms Alibaba Group Holding Limited and Tencent Holdings Limited.

1. Background

   Foreign travelers visiting Japan have been increasing year by year. In 2016, the number of travelers reached 24.03 million.

   The largest share of these travelers were from China, which accounted for 6.37 million (up 27.6% year on year), and the number of visitors from China is expected to continue growing.

   Meanwhile, the increase in overseas travelers visiting Japan has been accompanied by an increase in issues arising in connection with people becoming ill or injured during their stay in Japan. Problems have resulted from communication difficulties with hospitals due to language barriers, as well as an inability to pay medical expenses due to insufficient cash or lack of a credit card. To resolve these issues, SJNK (China) has teamed up with China's largest purely Internet-based insurance company ZhongAn Insurance, which has strengths in advanced Internet technology and brand capabilities, to jointly develop a new overseas travel insurance product for travelers visiting Japan.

2. Product overview

3. Policyholders: Travelers visiting Japan (individual)

4. Coverage content: The insurance will cover medical costs in the event that the insured party requires treatment at a hospital due to becoming ill or injured while traveling in Japan. The policy also provides coverage for loss of belongings, flight delays,

   personal liability, and so forth

5. Service content: Hospital arrangement, cashless settlement, medical interpreter services, and other related services in the event that the policy holder becomes ill or injured are provided for free.

6. Sample insurance premium: 65 RMB (approximately 1,058 yen) for a seven day travel insurance policy.

8. Outlook

9. By expanding the line-up of products and sales channels through the alliance with ZhongAn Insurance in addition to its own sales, SJNK (China) will provide the highest quality services to contribute to the peace of mind, security, and health of its customers.

   Overview of Sompo Japan Nipponkoa Insurance (China)

   Official name	Sompo Japan Nipponkoa Insurance (China) Co., Ltd.
   Investors	Sompo Japan Nipponkoa Insurance, Inc.
   Establishment	May 2005
   Head office	Dalian, Liaoning Province
   Capital	600 million RMB (approximately 9.7 billion yen*2)
   Branch locations	Liaoning Province, Shanghai, Guangdong Province, Jiangsu Province, Beijing
   URL	http://www.sjnk.com.cn/

   Overview of ZhongAn Insurance

   Official name	ZhongAn Online P&C Insurance Co.,Ltd.
   Investors	Alibaba Group Holding Limited and Tencent Holdings Limited., etc.
   Establishment	September 2013
   Head office	Shanghai
   Capital	12．4 billion RMB (approximately 20.1 billion yen*2)
   Branch locations	Shanghai
   URL	https://www.zhongan.com/

   *2. Calculated based on an exchange rate of 16.28 yen per 1 RMB.