Japan General Insurance – Key Trends and Opportunities to 2025

Pages: 107 Published: March 10, 2022 Report Code: GDIS2439MR

The gross written premium of Japan general insurance market was valued at $107.7 billion in 2021. The market is expected to grow at a CAGR of more than 2% during the forecast period.

The Japan general insurance market report provides values for key performance indicators such as gross written premium, paid claims, loss ratio, premium by line of business, and loss ratio during the review period and forecast period. Moreover, the report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Japan economy and demographics, and provides detailed information on the competitive landscape in the country.

Japan general insurance market overview

Japan general insurance market overview

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What are the key lines of business in the Japan general insurance market?

The key lines of business in the general insurance market of Japan are property insurance, motor insurance, liability insurance, financial lines insurance, MAT insurance, PA&H insurance, and miscellaneous insurance. In 2020, the motor insurance segment had the highest share of GWP in Japan followed by property insurance.

Property insurance market in Japan

Commercial property insurance is the largest segment under commercial general insurance. Fire and natural hazards insurance accounted for the largest share of the total property insurance GWP in 2020. This was followed by industrial multi-risk insurance and construction and engineering insurance. Commercial earthquake insurance includes commercial and industrial earthquake cover and earthquake fire expense insurance.

Motor insurance market in Japan

Motor insurance was the largest general insurance sub-segment. Developments initiated by insurers to expand their customer base include introducing one-day low-cost car insurance and partnering with automobile companies to provide exclusive benefits. The advent of telematics, automated driving and the sharing economy are changing the motor insurance landscape in Japan. Advancement in automation is expected to result in a reduction in motor vehicle sales. With motor accounting for over half of the segment’s premium, this will be a key challenge for growth.

Liability insurance market in Japan

Liability insurance was the fastest-growing sub-segment in Japan during the review period. Insurers are expanding their cyber insurance policies by including control systems and surveillance cameras with higher payouts. Other than offering cyber insurance products, insurers in Japan expanded their consultation services such as drills to combat e-mail cyberattacks.

MAT insurance market in Japan

Japan MAT insurance was the leading Asian and third largest global market in 2020. The segment was adversely impacted by the COVID-19 outbreak and declined in terms of GWP. Marine insurance was the leading category in this line in 2020.

PA&H Insurance Market in Japan

Retail personal accident policies are broadly of two types which are individual and family-type insurance. They cover traffic or non-traffic-related accidents in Japan or abroad. Other personal accident policies include domestic and overseas travelers’ accident insurance. Non-life PA&H insurance declined in terms of GWP in 2020.

Japan general insurance market, by line of business

Japan general insurance market, by line of business

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What are the key distribution channels in the Japan general insurance market?

The key distribution channels in the Japan general insurance market are agencies, direct marketing, and insurance brokers. Agencies accounted for the majority share of the direct written premium (DWP).

Japan general insurance market, by distribution channels

Japan general insurance market, by distribution channels

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What are the key companies in the Japan general insurance market?

Some of the key companies in the Japan general insurance market are Tokio Marine & Nichido Fire Insurance Company Limited – Japan, Sompo Japan Insurance Co., Ltd., Mitsui Sumitomo Insurance Company limited – Japan, Aioi Nissay Dowa Insurance Company Limited – Japan, The Kyoei Fire & Marine Insurance Company Limited, AIG Europe SA(Japan), Nisshin Fire & Marine Insurance Company Ltd, Sony Assurance Inc., AXA General Insurance Company Limited – Japan, and Saison Automobile and Fire Insurance Company Ltd.

Japan general insurance market, by key companies

Japan general insurance market, by key companies

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Market Report Scope

Market size (2021) $107.7 billion (GWP)
CAGR >2%
Forecast period 2020-2025
Key lines of business Property Insurance, Motor Insurance, Liability Insurance, Financial Lines Insurance, MAT Insurance, PA&H Insurance, and Miscellaneous Insurance
Key distribution channels Agencies, Direct Marketing, and Insurance Broker
Key companies Tokio Marine & Nichido Fire Insurance Company Limited – Japan, Sompo Japan Insurance Co., Ltd., Mitsui Sumitomo Insurance Company limited – Japan, Aioi Nissay Dowa Insurance Company Limited – Japan, The Kyoei Fire & Marine Insurance Company Limited, AIG Europe SA(Japan), Nisshin Fire & Marine Insurance Company Ltd, Sony Assurance Inc., AXA General Insurance Company Limited – Japan, and Saison Automobile and Fire Insurance Company Ltd

This report provides:

  • Comprehensive analysis of the general insurance segment in Japan.
  • Historical values for the Japan general insurance segment for the report’s review period and projected figures for the forecast period.
  • Detailed analysis of the key categories in the Japan general insurance segment, and market forecasts to 2025.
  • Profiles of the top general insurance companies in Japan and outlines of the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Japan general insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Japan general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Tokio Marine & Nichido Fire Insurance Company Limited – Japan

Sompo Japan Insurance Co., Ltd.

Mitsui Sumitomo Insurance Company limited – Japan

Aioi Nissay Dowa Insurance Company Limited – Japan

The Kyoei Fire & Marine Insurance Company Limited

AIG Europe SA(Japan)

Nisshin Fire & Marine Insurance Company Ltd

Sony Assurance Inc.

AXA General Insurance Company Limited – Japan

Saison Automobile and Fire Insurance Company Ltd

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Property Insurance

Motor Insurance

Liability Insurance

Financial Lines Insurance

Marine, Aviation and Transit Insurance

Personal Accident and Health Insurance

Miscellaneous Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Competitor Profiles

Appendix

Frequently Asked Questions

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