Recent Competition in the Japanese Life Insurance Industry

Toshiyuki Souma and Yoshiro Tsutsui ()

ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka

Abstract: This paper examines a change in the level of competition in the Japanese life insurance industry over the last 17 years. We estimate the first order condition for profit-maximizing insurance oligopolies to obtain the degree of non-competition and collusion. Estimation results suggest that: 1) not only stock companies, but also mutual companies maximize their own profits rather than pay out dividends to policyholders; 2) competition has become stronger since 1995; 3) revision of Insurance Industry Law and failures of insurance companies promoted the competition; and 4) the competition in the recent years is still more lax than the pre-war period.

Date: 2005-06
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Persistent link: https://EconPapers.repec.org/RePEc:dpr:wpaper:0637

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