Minoru Kikuchi
Profile
Performance in office
Tenure
Tenure
Background
He joined Mitsubishi Marine and Fire Insurance in April 1934. Mitsubishi Marine traced its roots to an insurance section set up within Mitsubishi Goshi Kaisha in 1913 and was spun off as a separate company with capital of ¥5 million in March 1919; the old Tokio Marine held 99.4% of its outstanding shares. With the three-way merger of March 1944 he moved to Tokio Marine and Fire Insurance, and in 1953 he was sent to the United States.
Selection
He became President in June 1972, succeeding Genzaemon Yamamoto. Premium income for the fiscal year ended March 1972 was ¥148.3 billion, 3.9 times the ¥37.8 billion of the fiscal year ended March 1966 when his predecessor took office, six years earlier. The growth came from compulsory automobile liability insurance and voluntary auto insurance, but both lines suffered from high loss ratios. While corporate insurance enjoyed favorable expense ratios thanks to large contract sizes, mass-market personal insurance meant small contracts and high costs.
Initiatives
In fiscal 1974 net premiums written broke down as auto 27.1%, fire 24.1%, hull and cargo 23.2%, and compulsory auto liability and new lines 12.8% each, with mass-market lines making up the majority. Tokio Marine chose to meet mass-market needs by developing new products, and in February 1974 launched the industry's first online system for auto insurance. In fiscal 1974 its net premiums written of ¥232.6 billion were well ahead of second-placed Yasuda Fire and Marine Insurance at ¥173.4 billion, and its profits were ¥14.5 billion against ¥5.4 billion.
Career
Career
Mitsubishi Marine and Fire Insurance
| Date | Position |
|---|---|
| Apr 1934 | Joined |
Tokio Marine and Fire Insurance
| Date | Position |
|---|---|
| 1953 | Dispatched to U.S. |
| Jun 1972 | President |
| Jul 1978 | Chairman |
| Jul 1978 | Stepped down as President |
| Jul 1981 | Senior Advisor |