Japan’s Nippon Life Insurance is planning to target low-income Asians with its micro-insurance products, media reports said. The insurer is looking to boost its overseas business activities in the coming years.
It is reported that Nippon Life is planning to issue at least 35000 policies in the next five years. The policies will be available first in Indonesia as early as this month. They will be offered through its partnership with local insurer Sequis Life.
Gradually, Nippon Life will also make its products available in India, Thailand and Myanmar. The Japanese insurer will offer life insurance policies that grant payouts of roughly $1,300 on monthly premiums of about 38 US cents, Nikkei Asian Review reported. Nippon Life’s primary targets will be employees at companies that do business with multinationals.
Recently, Nippon Life said that it will introduce ESG ratings for all investments across its $663 billion portfolio from April 2021. The decision is expected to improve Nippon Life’s investment returns and also reduce risks by increasing positions in companies with high ESG ratings.
Nippon Life recently invested in a 15-year AU$150 million sustainable development bond issued by World Bank.
Toshihiro Nakashima, Managing Executive Officer, Chief Investment Officer, Member of the Board of Directors, Nippon Life told the media, “Nippon Life aims to contribute to the realization of a safe, secure, and sustainable society with our company activities throughout the entire value chain. Nippon Life actively engages in ESG investments and loans to contribute to solving environmental and social issues. Nippon Life’s investment in the bond is one way of contributing to achievement of the SDGs.”