抄録
The purpose of this paper is to investigate the nature of the competition in the Japanese marine insurance business in the 1890s, including the effect of the premium cartel of 1897.
Firstly, the paper examines the business of Tokio Marine Insurance Company (“Tokio Marine”) in London. Tokio Marine was unable to realize growth in the Japanese market and, to seek opportunities, expanded its business to London. Initially, Tokio Marine's business in London was extremely successful, but as a result of issuing a risky insurance, Tokio Marine sustained a very large loss.
Secondly, the paper examines the businesses of Tokio Marine, Nippon Sea and Land Insurance Company (“Nippon Sea”) and Imperial Marine Company (“Imperial Marine”) from 1893 to 1896. Tokio Marine, Nippon Sea and Imperial Marine expanded their businesses by issuing insurances with low premiums. As a result, the profitability of Tokio Marine, Nippon Sea and Imperial Marine suffered.
Thirdly, the paper examines the spread of agent networks in the Japanese marine insurance business. Low-premium insurances were widely sold through networks of agents mainly comprising bank branches and shipping agents.
Lastly, the paper examines the premium cartel of 1897 among Tokio Marine, Nippon Sea, Imperial Marine and Nippon Marine Insurance Company. The purpose of this cartel was to increase premiums and, as a result, premiums did increase temporarily. The cartel did not provide, however, a penalty for violation. Consequently, premiums eventually decreased.
