Mitsui Sumitomo Insurance will begin offering health insurance in Singapore starting in October through an investment in Serenity Health Partners, a local insurance firm. The size of the investment remains undisclosed, but the move marks part of Mitsui Sumitomo’s broader strategy to expand its presence in Southeast Asia. The company plans to enter Indonesia and Vietnam by next year.
The insurer aims to attract the growing middle and affluent classes in Singapore, where demand for comprehensive health insurance is on the rise. Mitsui Sumitomo hopes to generate 13 billion yen (US$90 million) in premiums over the next five to seven years in the city-state. Additionally, the company is exploring opportunities in healthcare data services, potentially leveraging insights from medical insurance payments.
Pending regulatory approval, Serenity Health Partners is set to become Mitsui Sumitomo’s managed general agent (MGA), a structure commonly used in markets like the U.S. for insurance distribution. This expansion aligns with Mitsui Sumitomo’s long-term growth strategy in Asia, where it has traditionally catered to Japanese businesses operating abroad. The company’s focus on Southeast Asia reflects a shift toward regional diversification.
