Bupa and Tokio Marine announce strategic partnership agreement
Hong Kong，14 Dec 2018
Bupa (Asia) Limited (“Bupa”) and The Tokio Marine and Fire Insurance Co. (HK) Ltd. (“Tokio Marine”) are today announcing a strategic partnership agreement that will provide Tokio Marine customers with access to dedicated, specialist health insurance products and services offered by Bupa.
Under the partnership agreement, Bupa will take responsibility for underwriting and administering health insurance contracts for Tokio Marine corporate customers. The partnership agreement will also see Tokio Marine offering Bupa health insurance products to new Tokio Marine customers requiring health cover. Bupa will enter into a reinsurance agreement with Tokio Marine for corporate insurance contracts sold under the partnership. In addition, Bupa will offer a range of individual and top-up health insurance product options to supplement the existing corporate insurance services provided to Tokio Marine customers.
Commenting on the announcement, Mr. Andrew Merrilees, General Manager, Bupa Hong Kong, said: “We are proud to partner with Tokio Marine who have a rich heritage in Hong Kong and a strong position in a number of specialty insurance market segments. We are excited to supplement Tokio Marine’s strong customer proposition with Bupa’s health insurance management expertise. This partnership demonstrates our commitment to continue to deliver on our purpose of helping people live longer, healthier, happier lives in Hong Kong.”
Mr. Daisuke Fujii, Managing Director of Tokio Marine, said: “We are very excited to announce this partnership with Bupa, a global leader and specialist in medical insurance and healthcare service provider.
Tokio Marine has been serving in Hong Kong since 1953 and this new partnership with Bupa will further strengthen our capability to meet the ever- changing medical needs of our loyal Japanese clients operating in Hong Kong.
By leveraging on Bupa’s well-known strength in healthcare administration and management services, together we aim to provide the latest innovative health insurance solutions and high quality healthcare services to our loyal corporate clients.
We hope this joint venture will open new doors for both parties to reach a broader Japanese client base within the Hong Kong market and we are committed to making this a successful and long lasting relationship.”
Bupa – A global healthcare specialist
Bupa began in the UK in 1947. We fund healthcare around the world and run clinics, hospitals, dental centres, care homes, and more. With no shareholders, we reinvest our profits to provide more and better healthcare for customers.
About Tokio Marine – serving Hong Kong for more than 60 years
The Tokio Marine and Fire Insurance Co. (HK) Ltd. (“TMF(HK)”) is a member of Tokio Marine Group, one of the largest international insurance groups in the world.
Tokio Marine's presence in Hong Kong can be dated back to 1879. The business has been growing together with the post-war economy of Hong Kong since 1953.
TMF(HK) is now one of the top Marine Cargo insurance companies in Hong Kong with a credit rating of A (S&P).
Chief Financial Officer
* Source: LaingBuisson Health Cover UK Market Report 14th Edition, published October 2017, in terms of market share by premium income among private medical insurance providers