No Customer Above Ten PercentWide moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine has no customer worth naming; its concentration is in catastrophes, not clients.

Tokio Marine's results contain no disclosure of any customer large enough to name. Its revenue comes from millions of policies across Japan and dozens of other countries: the group operates in 57 countries and regions1.

Group risk (¥ tn)4.1Before diversification2.3After1.8BenefitTokio Marine IR conference, May 2026
Diversification removes nearly half the risk.

An insurer's diversification is by risk as well as by customer, and the company estimates that diversification reduces its risk from ¥4.1 trillion to ¥2.3 trillion2.

The concentration that matters is in events: a large earthquake in Japan or a hurricane in the United States would hit many policyholders at once.

The largest concentration in the business is in North America, which provided ¥2,346.3 billion of the ¥3,373.2 billion of international premiums on the IFRS basis3.

The measure is the diversification benefit. A falling benefit would show the portfolio becoming more concentrated.

Moat trajectory: Holding steady

No concentration disclosure.

The number that tests this moat
Reported
Countries and regions in the network
57

The breadth of the policyholder base.

Source: Tokio Marine Integrated Report 2025 Supplement ↗
References
  1. ReportedIts revenue comes from millions of policies across Japan and dozens of other countries: the group operates in 57 countries and regions.
    Tokio Marine Holdings, Integrated Report 2025 Supplement - founding date, network, employees and subsidiaries. — March 2025 · publ. 2025 · source ↗
  2. ReportedAn insurer's diversification is by risk as well as by customer, and the company estimates that diversification reduces its risk from ¥4.1 trillion to ¥2.3 trillion.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - capital, strategic equities, shareholder returns, the ten-year key statistics and the 2035 aspiration. — 2016-2026 · publ. 26 May 2026 · source ↗
  3. ReportedThe largest concentration in the business is in North America, which provided ¥2,346.3 billion of the ¥3,373.2 billion of international premiums on the IFRS basis.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - international results by business, combined ratios and commercial real estate loans. — FY to March 2026 · publ. May 2026 · source ↗
Sources
Generated September 24, 2026