Doing Business In Japan

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News 14

Ship insurer Nepia looking east for £30m growth

ONE of the world's biggest marine insurance firms has opened an office in Japan which it hopes will open the way to winning up to £30m of extra business.

The North of England Protecting and Indemnity Association (Nepia) may only have taken on four staff at its fourth overseas outpost, but it says it is vital to its bid to break into the world's biggest shipping market.

The 150-year-old Newcastle firm, which insures around 4,000 ships, does around £4m of business in Japan now but hopes it can grow that to £20m within five years and eventually up to £30m. It plans to increase the amount of business it does in the rapidly growing Asia-Pacific market from around a third to half.

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