Warning sounded for aggressive Japanese insurers

Many Japanese insurance companies failed in the 1990s as a result of over-ambitious investments made to offset negative spreads, the gap between income and returns on guaranteed insurance policies. They may be set for a re-run today, warns Ian Brimecome of Tokio Marine Holdings, the country's biggest property-and-casualty insurer by revenue. As senior managing executive officer the 63-year-old oversees Tokio Marine's European business and international business strategies. An M&…