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Recent Competition in the Japanese Life Insurance Industry

Toshiyuki Souma

Kyoto Gakuen University

Yoshiro Tsutsui

Osaka University - Graduate School of Economics

ISER Discussion Paper No. 637

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.

Number of Pages in PDF File: 37

Keywords: Life insurance, Degree of competition, Collusion, Japan

JEL Classification: G22, L13, L21

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Date posted: June 20, 2005  

Suggested Citation

Souma, Toshiyuki and Tsutsui, Yoshiro, Recent Competition in the Japanese Life Insurance Industry. ISER Discussion Paper No. 637. Available at SSRN: http://ssrn.com/abstract=744244 or http://dx.doi.org/10.2139/ssrn.744244

Contact Information

Toshiyuki Souma
Kyoto Gakuen University ( email )
Kyoto, 621-8555
Yoshiro Tsutsui (Contact Author)
Osaka University - Graduate School of Economics ( email )
1-7 Machikaneyama
Toyonaka, 560-0043
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