Cholamandalam MS Risk Services Ltd (CMSRSL), a joint venture between USD 2 billion (Rs.8500 crore) Murugappa Group and Mitsui Sumitomo Insurance of Japan has been conferred with the prestigious ‘Risk Manager of the Year’ award at the 11th Asia Insurance Industry Awards 2007 ceremony held at Singapore. These awards were launched in 1997 by the Asia Insurance Review along with The Review Worldwide to recognize and salute excellence in the insurance industry.
Acknowledging the award, Mr. N V Subba Rao, Head - Risk Services CMSRSL, said, “We are elated at being the first corporate entity in Asia to have won this coveted award. This award has brought recognition to our efforts in introducing latest risk management techniques in Asian Market . This award strengthens our commitment to this cause and spurs us onwards in our quest to deliver solutions that make a difference to our customers and the communities in which we operate. It also serves to recognize the emergence of India as a centre of Risk Management capabilities. I believe this will help to hasten the adoption of world-class risk management practices by companies in India as well as give the rest of the world opportunities to leverage the nation’s evolving competencies in this field.”
The esteemed judging panel comprised of industry experts, regulators, practitioners and association heads. With over 700 nominations received across 15 award categories from various regions, Chola MS Risk received this award for their pioneering solutions and introducing several firsts in the Indian risk management and risk engineering markets - for example, thermography, layer of protection analysis (LOPA) etc.
CMSRSL has proved with its consistent growth in the financial turnover that risk management and engineering consultancy can be a successful business model even when independent of an insurance company.
About the Murugappa Group
Headquartered in Chennai, the USD 2 billion (Rs.8500 crore) Murugappa Group is India’s leading business conglomerate. Market leaders in diverse areas of business including engineering, abrasives, finance, general insurance, sanitaryware, cycles, sugar, farm inputs, fertilizers, plantations, bio-products and nutraceuticals, its 29 registered companies have manufacturing facilities spread across 14 states in India. The organisation fosters an environment of professionalism and has a workforce of over 30,000 employees.
The Group has forged strong joint venture alliances with leading international companies like Roca, Cargill, DBS Bank, Mitsui Sumitomo and Groupe Chimique Tunisien and has consolidated its status as one of the fastest growing diversified business houses in India
About Mitsui Sumitomo Insurance Company (MSI)
Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of 14.58 billion USD in 2006. The Company has 733 sales bases, 257 claims handling offices and about 62474 agents throughout Japan. MS also offers its services globally with 52 sales bases in 38 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was recently awarded the “General Insurance Company of the Year” Award at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region.