Japan's non-life insurance companies have increased operating efficiency since liberalisation of the insurance industry in 1996, and have conducted mergers and business integrations since 2000. As a result, for all non-life companies, the underwriting expense ratio (other than commission and brokerage) in the financial year ended 31 March 2020 (FY2019) decreased to 15%, compared with 21% for FY1995, prior to liberalisation.