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Japan

Japan

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Japan Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Japan includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Japan can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +9
Tokyo
JPY
126.50 mn
0.46%
1.03%
88,720.52 (mn)
1.72

Japan was opened to the outside world in 1854 by a US expedition led by Commodore Matthew C Perry, ending 300 years in which foreigners were prevented from landing in Japan. In 1859, non-life insurance was introduced to Japan by a foreign company based in Yokohama; twenty years later, the first domestic insurance company, Tokio Marine, was established. Japan has the third-largest non-life market in the world after the US and China, with a total premium volume of JPY 12.19trn and the third-largest life market.

The non-life market consists of 30 locally incorporated insurers and 15 foreign branches, and around 40 co-operative insurance associations. There are also 101 so-called "small-amount short-term" insurers, a restricted class of insurance carrier. The P&C market is divided roughly 75:25 between conventional insurance companies and co-operative insurance associations, which write mainly household business. Some of the market's huge premium volume - particularly in the co-operative sector - is represented by long-term savings-type policies. Despite Japan's advanced industrial economy and high exposure to earthquakes and typhoons, the property account is massively underinsured.

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