Gard this week announced it had received a licence to expand its product offering in Japan, adding risks such as Hull & Machinery (H&M), war, and energy to its existing portfolio in the country.
In a media release, the insurer said the “significant expansion” is aligned with the business’s strategy to strengthen its presence in the Japanese market.
The expanded insurance licence allows Gard to offer builders’ risk insurance to shipyards and energy insurance to Japan’s offshore wind industry.
Bjørnar Andresen, Gard’s Chief Underwriting Officer, stated, “Gard has been offering P&I insurance to shipowners in Japan for over 30 years, and we are now delighted to be able to also offer Hull & Machinery, War Risk and Loss of Hire.”
Speaking on the context for Gard’s ambitions in the country, Andresen noted that Japan has one of the largest fleets in the world. “We have taken the decision to add these products to our offering in Japan as we have seen an increasing demand for the stable pricing, comprehensive coverage and high level of service that Gard can offer.”
Gard is the largest underwriter of H&M insurance worldwide and its marine portfolio includes over 20,000 vessels, with nearly half using Gard as the claims lead, the insurer said. In Japan, Gard operates offices in Tokyo and Imabari.
