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The Actuary The magazine of the Institute & Faculty of Actuaries

Industry news: Japanese insurers seek merger

Three of Japan’s largest insurers - Mitsui Sumitomo Insurance Group Holdings, Aioi Insurance and Nissay Dowa General Insurance - are in talks to merge, according to the International Herald Tribune. If successful, the merger would create the largest general insurance firm in Japan with an estimated 33% of the Japanese general insurance market. Tokio Marine Holdings is currently the country’s largest non-life insurer with a 27% market share. In October, unlisted insurer Yamato Life Insurance filed for bankruptcy protection with nearly $3bn in debt, as the financial market turmoil battered its investments, making it the first Japanese financial institution to fall victim to the global credit crisis.