Large Fires and the Rise of Fire Insurance in Early Twentieth-Century Japan
Bibliographic Data
| ID | 5752934 |
|---|---|
| Authors | Tetsuji Okazaki (0000-0002-6017-6935, Meiji Gakuin University), Toshihiro Okubo (0000-0003-2795-1706, Keio University), Eric Strobl (0000-0002-1583-6412, University of Bern & University of Birmingham, corresponding author) |
| Year | 2025 |
| Volume | 85 |
| Issue | 3 |
| Pages | 701-729 |
| Publication date | 2025-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050725100776 |
| OpenAlex | W4412172887 |
| Language | EN |
| References cited | 27 |
We explore the role that large fires played in the early development of the Japanese fire insurance industry. Using a prefecture-level data set spanning 30 years, our econometric analysis shows that large fires led to an increase in new policies and policy renewals, consistent with historical narratives that insurance companies used these events to advertise their business. We also show that this subsequent surge in policies led to more small fires due to arson. Anecdotal evidence suggests that it is more likely to have been due to moral hazard rather than adverse selection
Actuarial science · Business · Casualty insurance · Insurance policy · Property insurance · Agricultural risk and resilience · Historical Economic and Social Studies · History · Insurance and Financial Risk Management
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| Citation velocity | historical |
|---|---|
| Highly cited | No |