Economies: Yamato first Japanese casualty of financial sector crisis
Yesterday, the Japanese financial sector appeared substantially insulated against the global financial crisis. Today, it's at the heart of it with the insolvency of privately-held life insurer Yamato Life Insurance Company.
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Yamato has filed for protection from its creditors, a substantial proportion of which are related to US Sub-Prime lending contracts. The company is in administration not receivership or administration and is continuing to operate.
However, it has been required to formally notify the Financial Services Agency which will decide upon the appropriate regulatory action in due course.
This is the first insurance company failure since 2000 when Kyoei Life Insurance began a cascade effect that saw market consolidation across the whole financial sector, which itself followed on from the crises of the late 1990s that saw consolidation and failures in banks and securities businesses.
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