Japanese DriversNarrow moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine insures a quarter of Japan's cars and is raising their premiums by double digits.

Auto insurance is Tokio Marine's largest line in Japan, with ¥1,232.1 billion of premiums in the latest year, up from ¥1,174.1 billion1, and 26.3% of the market2. Car dealers sell 18.4% of the company's Japanese premiums3.

Japan auto premiums (¥ bn, years to March)1,174.120251,232.120261,236.92027 planTokio Marine results presentation, May 2026
Premiums growing with rates.

Its drivers are paying more. Rates rose 3.5% in January 2025 and 8.5% in October 2025, with a further 6.5% scheduled for October 20264. Claim costs per case rose 7.5% in the first quarter of the current year5.

Drivers facing higher premiums compare prices, which tests how loyal the base is.

Auto premiums are planned at ¥1,236.9 billion in the current year6, almost unchanged, which suggests the company expects the rate increases to be offset by some loss of volume.

The measure is auto premiums growth against the rate increases. Premiums growing roughly in line with rates would show customers staying.

Moat trajectory: Holding steady

Premiums up with rates.

The number that tests this moat
Reported
Auto market share
26.3%

The largest line's position as prices rise.

Source: Tokio Marine IR conference, May 2026 ↗
References
  1. ReportedAuto insurance is Tokio Marine's largest line in Japan, with ¥1,232.1 billion of premiums in the latest year, up from ¥1,174.1 billion, and 26.3% of the market.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
  2. ReportedAuto insurance is Tokio Marine's largest line in Japan, with ¥1,232.1 billion of premiums in the latest year, up from ¥1,174.1 billion, and 26.3% of the market.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - Japan P&C: market share, combined ratios, auto insurance, premiums, sales channels and the regulatory orders. — 2016-2026 · publ. 26 May 2026 · source ↗
  3. ReportedCar dealers sell 18.4% of the company's Japanese premiums.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - international businesses, acquisitions and synergies. — 2016-2026 · publ. 26 May 2026 · source ↗
  4. ReportedRates rose 3.5% in January 2025 and 8.5% in October 2025, with a further 6.5% scheduled for October 2026.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - Japan P&C: market share, combined ratios, auto insurance, premiums, sales channels and the regulatory orders. — 2016-2026 · publ. 26 May 2026 · source ↗
  5. ReportedClaim costs per case rose 7.5% in the first quarter of the current year.
    Tokio Marine Holdings, overview of first-quarter FY2026 results - progress against the plan, large losses, the Middle East, strategic equity sales and natural catastrophes. — April-June 2026 · publ. August 2026 · source ↗
  6. ReportedAuto premiums are planned at ¥1,236.9 billion in the current year, almost unchanged, which suggests the company expects the rate increases to be offset by some loss of volume.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
Sources
Generated September 24, 2026