Three Japanese firms control 88% of the nation's property and casualty insurance market, facing ongoing competition.
Tokio Marine, MS&AD Insurance, and Sompo control 88% of Japan's property and casualty insurance market. Despite this dominance, these firms face competition as they don't have significant economic advantages and serve all customer segments. Auto and fire insurance policies, though deregulated since 1996, must still follow historical loss cost ratios. Nonlife insurance makes up a large portion of their earnings.
November 28, 2024
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