Tokio Marine & Nichido Fire Insurance Co., Ltd. (東京海上日動火災保険株式会社, Tōkyō Kaijō Nichidō Kasai Hoken Kabushiki-Kaisha), commonly called Tokio Marine Nichido, is a property/casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. Tokio Marine Holdings was formerly known as Millea Group, which underwent a name change in July 2008. Its headquarters are in Marunouchi, Chiyoda, Tokyo.[1]
The company is one of the very few groups and individuals that still use the spelling Tokio for the city in the English language.
History
The Tokio Marine and Fire Insurance
The antecedent Tokyo Marine insurance is the first insurance company (as the marine insurance company) in Japan, and also the top sales damage insurance company of Japan in pre-war era.
August, 1879 - Tokyo Marine Insurance (東京海上保険) established.
January, 1891 - Meiji Fire Insurance (明治火災保険) established.
April, 1918 - Tokyo Marine Insurance changes the trade name to Tokyo Marine and Fire Insurance (東京海上火災保険).
March, 1919 - Mitsubishi Marine and Fire Insurance (三菱海上火災保険) established.
March, 1944 - Tokio Marine and Fire Insurance acquires Meiji Fire Insurance and the Mitsubishi Marine and Fire insurance.
February, 1898 - Tokyo Article Fire Insurance (東京物品火災保険) established.
November, 1911 - Toho Fire Insurance (東邦火災保険) established.
January, 1914 - Tokyo Article Fire Insurance change the trade name to the Japan Personal Property fire insurance (日本動産火災保険).
August, 1944 - Japan Personal Property fire insurance acquires Toho Fire Insurance.
December, 1946 - Change of trade name to Nichido Fire & Marine Insurance.
Merger
On 1 November 2004, Tokio Marine & Fire Insurance and Nichido Fire and Marine Insurance merged to create Tokio Marine & Nichido Fire Insurance Co., Ltd.
In 2008 Tokio Marine the president of the company resigned. It was found that the company had fraudulently failed to pay out insurance claims in over 1000 cases, they neglected to pay benefits on another 85,000 insurance products and they overcharged policyholders on premiums, causing a major scandal involving over 7 billion yen ($86,000,000 in today’s money) and leading to penalties for over 170 executives.
