Finance History | Tokio Marine — Japan's First Insurance Company, Now at Tokiwabashi
· 1879-8
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Finance History | Tokio Marine — Japan's First Insurance Company, Now at Tokiwabashi
kevin
People treat Tokio Marine as a Marunouchi insurer that was always a fire-and-auto conglomerate.
The first papers were for cargo.
On 1 August 1879 the Tokio Marine Insurance Company was established as Japan's first insurance company, with a plan drafted by Katsunori Masuda and backing that included Eiichi Shibusawa and government and private subscribers. Planned capital was 500,000 yen in 1879 currency.
The product was marine cargo insurance for a trading economy that was just opening its ports. By the end of March 1880 the firm already had agents abroad. By the end of 1892, premiums earned overseas were four times the premiums earned in Japan.
Japan's first motor insurance followed in February 1914, when the domestic vehicle fleet was still counted in the low thousands. The name became Tokyo Marine and Fire in 1918. In March 1944, wartime consolidation merged Tokio Marine with Meiji Fire and Mitsubishi Marine.
The holding company, Tokio Marine Holdings, is the Nikkei 225 listing. The operating non-life company sits today at Tokiwabashi Tower, 2-6-4 Otemachi, inside the TOKYO TORCH block north of Tokyo Station.
The long Marunouchi head-office buildings of 1974 and after are being replaced on the 1-6-1 Marunouchi lot. The founding rooms of 1879 are not a museum. The fact that survives is the date and the product: a Meiji marine office that learned, early, to write risk in London and New York as well as in Tokyo.
The English spelling Tokio was kept in the trade name after the city's romanization changed. That is not nostalgia. It is the original filing.
Photo: via Wikimedia Commons
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