As is the case for many of the major industries in that country, Japan’s insurance sector differs markedly from its counterparts in other countries in important respects. In part because of mega-mergers (particularly in the non-life segment), companies have enormous scale by any standards. Insurers are an integral part of the peculiar financial sector of Japan, in which accumulated savings are enormous and are often channelled to the government and its agencies through Japanese government bonds (JGBs) or other securities. Perhaps most crucially, the markets are orderly. Notwithstanding that some major lines (such as the autorelated business written by many …
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