Far East and Pacific: Overview

Peter Borscheid

in World Insurance

Published in print August 2012 | ISBN: 9780199657964
Published online September 2012 | e-ISBN: 9780191744709 | DOI:
Far East and Pacific: Overview

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This chapter discusses the development of the insurance industry in the Far East and Pacific. In its nineteenth-century global territorial conquests, the European insurance industry encountered many obstacles in East and South East Asia. In addition to difficulties resulting from the enormous distances, the enormous cultural differences were difficult to surmount as was also the centuries-old self confidence of the region's economic operators, who in the early part of the nineteenth century were still convinced of their economic superiority. Furthermore, China, Japan, and Korea chose to isolate themselves from the rest of the world. This meant that the dissemination and development of insurance in East and South East Asia often followed a different trajectory to that in America and Africa. The most important cross-border insurance networks remained almost entirely restricted to the interior of the triangle of Japan, New Zealand, and India for quite some time. Three different development routes can be distinguished: the insurance activities of Europeans living in East Asia; the spread of agencies and subsidiaries of European and later other foreign insurers; and the founding of domestic insurance companies.

Keywords: East Asia; Southeast Asia; insurance industry; insurance history; China; Japan; Korea

Chapter.  15671 words. 

Subjects: International Business

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