PGA Sompo’s ‘chief everything officer’

MANILA, Philippines — For the past 28 years, PGA Sompo Insurance Corp. has stamped its mark in the local non-life insurance industry, consistently growing to establish itself as among the pillars, especially in the property and casualty (P&C) segment.

The company was established in 1991 as a joint venture between two respected and prominent industry leaders – Prudential Guarantee and Assurance Inc. and Sompo Japan Nipponkoa Insurance Inc., one of the largest P&C insurers in the world.

In the Philippines, PGA Sompo has expanded its portfolio of non-life insurance products and services designed to protect everything its customers value – from hard-earned and precious possessions such as homes, businesses or cars, to something priceless as their health and well-being.

At the helm of the company since 2016 is 48-year old Fumihiko Harada, who was instrumental in growing the Sompo regional headquarters in Singapore.

A former ski instructor, Harada now navigates a different slope – financial charts that recently showed an average 13.8 percent growth in PGA Sompo’s gross written premium since he took over in 2016.

“In the past, our operation had been supporting mainly Japanese interest only. Now, we are supporting all clients, not just limited to Japanese.  With leveraging on our group capacity and technical support skills, we are continuously growing especially in the big infrastructure property segment,” Harada said.

“As we foresee digitalization in the insurance segment growing in future, we will implement Sompo digital initiatives in the Philippines to further differentiate ourselves by providing cutting edge service to the market,” he added.

He said as CEO, his work does not entail just sitting as an executive in the office, but rather a “chief everything officer” who takes care of every corner of its operation.  

“I try to be versatile in management style, sometimes I need to be strict as top management but, as I believe, the insurance industry is people’s business, our drive and assets are the people. I try to be and act as many roles as possible to be effective, given the current situation and what is required,” he added.