On October 20, in Shanghai, Ichiro Yuki, recently appointed General Manager of Tokio Marine & Nichido Fire Insurance (China) Co., Ltd., emphasized the significance of China’s open and attractive market. He believes that participating in the upcoming seventh China International Import Expo (CIIE) is a top priority in his new role.
Yuki noted, “By taking part in the CIIE, we can learn about the latest initiatives across various industries, stay abreast of cutting-edge technological developments, and integrate these insights into new business models.” He views the expo as an exceptional platform for collaborative thinking that can lead to mutual benefits.
Founded in 1879, Tokio Marine is Japan’s first property insurance company and has been operating in China for 30 years as a Fortune Global 500 company. For many multinational corporations, the CIIE serves as a new channel for understanding and entering the Chinese market. For veteran foreign firms like Tokio Marine that have established roots in China, the expo carries even deeper significance.
Yuki explained, “The CIIE opens doors for us to seize partnership opportunities and access the market, helping us achieve not only economic value but also increased social value.” He highlighted that Shanghai was the first city in mainland China to open its insurance sector to foreign companies back in 1992, paving the way for businesses like Tokio Marine to establish a presence there in 1994, becoming the first foreign property and casualty insurer to do so.
Reflecting on three decades of development, Tokio Marine considers its commitment to participating in the CIIE over the past three years a hallmark event in its history in China. When asked why this expo is a priority amid countless other exhibitions, Yuki responded, “The CIIE provides us with a platform to showcase our strengths and achievements.”
According to Yuki, the expo also serves as a barometer for global development trends, allowing the company to adjust its strategies in China accordingly. “China boasts a massive market size, rapid economic growth, and an increasingly optimized business environment,” he said. Having previously worked in Guangzhou, Shenzhen, and Shanghai, Yuki has gained valuable insights into the evolving Chinese market. He noted that with rising wealth and a greater awareness of risk protection among Chinese residents, there is a growing demand for diversified and personalized insurance services. This dynamic, along with an improving policy landscape, opens wide opportunities for foreign insurance firms.
With years of experience in China, Yuki has observed rapid changes and continuous technological advancements in the market. He emphasized that companies must engage in addressing social issues to adapt to China’s evolving landscape. The focus on energy efficiency and low carbon operations, the growth of wellness industries, and innovations in elder care represent new business opportunities arising from the expo, which is an excellent occasion for foreign companies to tap into the pulse of the Chinese market.
In 2021, Tokio Marine made its debut at the CIIE with the theme of “Providing peace of mind and safety, contributing to a sustainable future.” In 2022, the company incorporated a “Sustainable Development Strategy” into its business operations, identifying four priority areas: green transition, health and elder care, disaster risk reduction, and industrial upgrades, all aligned with national strategies and market trends.
Yuki noted that the social issues companies face today, such as climate change and population aging, are becoming increasingly complex. He believes that addressing these challenges requires broader collaboration among companies. “Through our ongoing participation in the CIIE, we are meeting new partners. Our ‘circle of friends’ is constantly expanding,” he said.
At the CIIE, collaboration isn’t limited to companies within the same industry; it also sparks new partnerships across different sectors. At the fifth expo, Tokio Marine & Nichido (China), Panasonic Electric Works (China), and Omron (China) formed the “Health Promotion Industry Alliance,” leveraging each other’s strengths to create a comprehensive health service ecosystem.
Continuing this trend of cross-industry collaboration, at the sixth CIIE, Tokio Marine engaged in a dialogue at the “Sino-Japan Forum on Health Promotion and Innovative Technology Development,” collaborating with the China Rehabilitation Technology Transformation and Development Promotion Association to explore new avenues for integrating multiple fields in the smart health industry.
Yuki expressed that through participation in the CIIE, not only can companies deepen their communication and learning with domestic and international peers, but they can also uncover new cooperation opportunities and potential markets, achieving a balance between economic and social values. He believes that the key takeaway from the CIIE is that collaborative efforts lead to steady advancement.
The seventh CIIE coincides with the 30th anniversary of Tokio Marine’s operations in China. Yuki considers participation in this event a milestone in their journey and sees it as the start of new collaborative opportunities. “I invite everyone to come visit our booth,” he urged, extending a warm invitation to all.
