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Early fire insurance
Japan’s over 3,000 insurers can roughly be divided based on the three types of insurance that they provide—employer-based health insurance, residence-based National Health Insurance (NHI), and health insurance for people aged 75 and over.
Japanese society has a long experience of dealing with the risks of fire. The first fire service was founded in the early Edo period and is known as hikeshi. Fire towers were constructed to spot the source of a fire and alarm bells were used.
The main task of hikes was to reduce the risk of the fire spreading through the wooden-built houses by tearing down surrounding properties. They used sophisticated multi-layered but also decorative coats of sashiko, doused in water to get closer to the fire, and were also equipped with gloves hats, ladders, and hooks to pull away timbers.
These fire-fighting skills became even more important as the major cities of Japan industrialized and the scale of potential factory and warehouse fires grew. As the scale of risks grew, fire insurers needed to find ways of diversifying the risk through the use of foreign reinsurers.
This led to the first reinsurance treaty between Meiji Fire and Phoenix in 1906. Unlike the relationship, Tokio Marine made directly with the London market for rein-insurance, domestic fire insurers continued to either pass on some of the risks they faced to fellow insurers or make individual reinsurance agreements.
For almost two decades, there were long discussions and various attempts to create a rate agreement in the fire insurance sector. These first emerged after concerns that competition for business from spinning factories at the turn of the century was reducing rates to an artificial level.
Competition for the fire business was always fierce. Before 1900, under-capitalized new entrants had reduced rates to win market share, but many of these were closed after the recession in 1900 and the introduction of the Insurance Business Act led to the disclosure of reserves.
At the same time, the new insurance laws had made operating as a foreign insurer in Japan more expensive and some players looked at new models to operate in the market.
Once the Okura-gumi, a powerful Japanese business partnership agreed to be the general agent for Commercial Union and Norwich Union in 1905, and others, such as Sun and New Zealand, joined, a powerful new force emerged in the fire insurance market and further pressure on rates ensued.
The insurance department Okura-gumi grew to have a near monopoly on foreign insurance for a time in the next decade.
The first association was formed between the Tokyo Fire, Meiji Fire, Nippon Fire, Yokohama Fire, and Kyoudou Fire in 1907. However, the competition for sustainable rates became so fierce that customers ended up buying less fire insurance.
By 1914, sixteen major Japanese companies wanted to agree on a uniform rate, but they also needed to include foreign companies with a large share in the fire insurance market. By 1917, the domestic and foreign insurers associations had set uniform rates and created the Japan Coalition Fire Insurance Association.
This now included Tokio Marine, which entered the fire business in 1914. The immediate effect of the agreement was to stabilize the market.
JAPAN Insurance Company Contact no.
Asahi Mutual Life Insurance Company 03-4214-3111
Fukoku Mutual Life Insurance Co. 03-3508-1101
Meiji Yasuda Life Insurance Company 03-3283-8111
Nippon Life Insurance Co. 06-6209-4500, 03-5533-5133
Sumitomo Life Insurance Co. 06-6937-1435, 03-5550-1100
AEON Allianz Life Insurance Co., Ltd. 03-4588-1500
Daido Life Insurance Company 06-6447-6111, 03-3272-6777
Fukokushinrai Life Insurance Co., Ltd. 03-6731-2100
HANASAKU LIFE INSURANCE Co., Ltd. 03-6441-0860
JAPAN POST INSURANCE Co., Ltd. 03-3477-0111
LIFENET INSURANCE COMPANY 03-5216-7900
Medicare Life Insurance Co., Ltd. 03-5621-3310
Midori Life Insurance Company 03-5902-3955
Nanairo Life Insurance Co., Ltd. 03-4574-5081
Nippon Wealth Life Insurance Company Limited 03-6368-7000
ORIX Life Insurance Corporation 03-3517-4300
Rakuten Life Insurance Co., Ltd. 050-3085-1661
SBI Life Insurance Co., Ltd. 03-6800-0888
Aflac Life Insurance Japan Ltd. 0120-5555-95
AXA Direct Life Insurance Co., Ltd. 0120-335-622
AXA Life Insurance Co., Ltd. 03-6737-7777
Cardif Assurance Vie (Japan) 03-6415-6350
Crédit Agricole Life Insurance Company Japan Ltd. 03-4590-8400
FWD Life Insurance Company, Limited 03-5400-7000
Manulife Life Insurance Company 03-6331-7000
MetLife Insurance K.K. 03-6658-2000
NN Life Insurance Company., Ltd. 03-6892-1986
The Gibraltar Life Insurance Co., Ltd. 03-5501-6001
The Prudential Gibraltar Financial Life Insurance Co., Ltd. 03-6740-5000
The Prudential Life Insurance Co., Ltd. 03-5501-5500
Zurich Life Insurance Japan Company Ltd 03-6832-1101
Mitsui Sumitomo Aioi Life Insurance Co., Ltd. 03-5539-8300
Mitsui Sumitomo Primary Life Insurance Co., Ltd. 03-3279-9000
Sompo Himawari Life Insurance Inc. 03-6742-3111
Tokio Marine & Nichido Life Insurance Co., Ltd. 03-5208-5001
| Author | – |
| Language | English |
| No. of Pages | 1 |
| PDF Size | 0.3 MB |
| Category | PDF of Lists |
| Source/Credits | fsa.go.jp |
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