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What are the 3 biggest c&p insurance companies in Japan? Please provide their market share, annual revenue, overall business units/breakdown, and which global regions they have influence in.
Hello there! Thank you for your question on the biggest P&C insurance companies in Japan. The short answer is that I have identified and detailed quantitative information on the companies to be Tokio Marine Holdings, MS&AD Insurance, and Sompo. Below you will find a deep dive of my findings.
METHODOLOGY
I began by familiarizing myself with P&C insurance companies in general. Next, I conducted a comprehensive search through academic databases, corporate websites, industry reports, government reports, and regulatory filings for any relevant information. In order to provide a full scope of information, I looked at trusted media sites, user forums, and review sites to develop an understanding of the opinions and trends surrounding the industry.
FINDINGS
The P&C insurance industry in Japan has been identified as an oligopoly of the three large groups: Tokio Marine Holdings, MS&AD Insurance, and Sompo. These firms were identified as top 3 biggest companies in Japan from their prominence throughout my research. The companies were most commonly mentioned through all sources and have the highest reported revenue market share.
A depiction of the market in Japan on a whole is that: "Forty-five P&C primary insurance companies currently operate in Japan. However, the market is actually an oligopoly of three large groups, known as the mega P&C insurance groups, that have a dominant market share of about 90%". These mega P&C insurance groups are further defined here and here, listing Tokio Marine Holdings, MS&AD Insurance, and Sompo as the biggest players.
Below I will break down my findings into sub-sections for your ease of reading. I will address each area requested, as well as any additional notable insights I found throughout my research.
TOKIO MARINE HOLDINGS
This company describes itself as Japan's first non-life insurance company, founded in 1879. They operate internationally in North America, Europe, South & Central America, and Asia & Middle East. They have a total of 245 subsidiaries and 32 affiliates across 483 cities in 38 countries. The business areas they operate in are defined as Domestic Non-Life Insurance Business, Domestic Life Insurance Business, International Insurance Business and Financial & General Business. Net premiums come to a total of Yen 4579 billion.
Business units and their revenues:
Tokio Marine Holdings are reported to have a total market share of 25.9% in Japan Non-life insurance market based on FY2015 Net Premium Written basis.
MS&AD
Mitsui Sumitono is a part of the MS&AD Insurance Group. They cover an international customer base that can be broken down into 27% Europe, 35% North America, and 24% UK. They operate in 5 main business domains: Domestic Non-Life Insurance Business, Domestic Life Insurance Business, International Business, Financial Services Business, Risk-Related Services Business, and International Business. Their net premiums equate to Yen 3,078,732 million.
Business units and their revenues:
MS&AD have a total market share of 33% in Japan Non-life insurance market based on FY2015 Net Premium Written basis.
SOMPO
This company operates in four different business departments: Domestic P&C, Overseas, Domestic Life, and Nursing Care & Healthcare. Other small department areas are also delved into, accounting for 1% of the business. They operate internationally in a total of 211 cities and 32 countries. The main areas include Europe, Asia & Middle East, Latin America, and North America. Their annual premiums account for Yen 2,785,240 million.
Business units and revenues:
Sompo is reported to have a total market share of 27.9% in Japan Non-life insurance market based on FY2015 Net Premium Written basis.
CONCLUSION
To summarize, I have taken a deep look into the insurance companies most prominent in the Japans market. I have endeavored to find extensive quantitative information on each company identified. A breakdown of statistical information by business departments has been given as well as an overview of the companies influences internationally.
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