Japan Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: January 16, 2024 Report Code: GDIS2797MR-ST

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Japan Life Insurance Market Report Overview

The gross written premium of Japan life insurance market was JPY36,040.4 billion ($2.73 billion) in 2023 and is expected to achieve a CAGR of more than 2% during 2024-2028. The Japan life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Japan Life Insurance Market Outlook, 2023-2028 (JPY Billion)

Japan Life Insurance Market Outlook, 2023-2028 (JPY Billion)

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The Japan life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Japanese economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) JPY36,040.4 billion ($2.73 billion)
CAGR (2024-2028) >2%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        General Annuity

·        Life PA&H

·        Other Life
Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Online Aggregators

·        Financial Advisors
Leading Companies ·        Nippon Life

·        Meiji Yasuda Life

·        MetLife

·        Dai-ichi Life

·        Sumitomo Life
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Japan Life Insurance Market Trends

Foreign currency-denominated insurance, short-term insurance, and insurtech are the recurring trends in the Japanese life insurance market.

  • Single-premium foreign currency-denominated insurance products are popular in Japan. This is because ultra-low domestic interest rates since the late 1990s led to Japanese insurers offering policies in the US dollar and other foreign currencies as those markets offer higher interest rates.
  • Increasing demand for short-term protection-type policies, traditionally sold by short-term insurers, led to incumbent life insurers entering this market during 2019-2023.

Japan Life Insurance Market Segmentation by Lines of Business

General annuity accounted for the highest share of the Japan life insurance market in 2023

The key lines of business in the Japan life insurance industry are general annuity, life PA&H, and other life. Japan’s aging population is the main driver for annuities in the country. However, despite the substantial customer base, general annuities penetration is very low. The complex product structure is one of the reasons for its relatively low uptake.

Japan Life Insurance Market Analysis by Lines of Business, 2023 (%)

Japan Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Japan Life Insurance Market Segmentation by Distribution Channels

In 2023, direct sales was the most preferred channel to purchase life and health insurance

A few of the key distribution channels in the Japanese life insurance industry are direct from insurers, insurance brokers, financial advisors, online aggregators, banks, and others. Consumers in Japan are willing to exchange their personal data for benefits such as rewards, discounts, or an easier application process. Life insurers can leverage this information to create personalized insurance products to be sold directly to consumers.

Japan Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Japan Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Japan Life Insurance Market - Competitive Landscape

Nippon Life accounted for the highest share of the Japan life insurance market in 2023

A few of the leading life insurance companies in Japan are:

  • Nippon Life
  • Meiji Yasuda Life
  • MetLife
  • Dai-ichi Life
  • Sumitomo Life

Japan Life Insurance Market Analysis by Companies, 2023 (%)

Japan Life Insurance Market Analysis by Companies, 2023 (%)

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Japan Life Insurance Market - Latest Developments

  • On October 23, 2023, the Financial Action Task Force (FATF) issued a report on Japan’s progress in strengthening its measures to tackle money laundering and terrorist financing (ML/FT).
  • On June 16, 2023, the Japanese Government announced a framework of policies requiring prime market listed companies to mandatorily achieve a female board member ratio of 30% or more by the year 2030.

Segments Covered in the Report

Japan Life Insurance Lines of Business Outlook (Value, JPY Billion, 2019-2028)

  • General Annuity
  • Life PA&H
  • Other Life

Japan Life Insurance Distribution Channel Outlook (Value, JPY Billion, 2019-2028)

  • Direct from Insurers
  • Banks
  • Insurance Brokers
  • Online Aggregators
  • Financial Advisors

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Japan.

  • Historical values for the Japanese life insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top life insurance companies in Japan and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Japan’s life insurance segment.

  • A comprehensive overview of Japan’s economy, government initiatives, and investment opportunities.

  • Japan’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.

  • Japan’s life insurance segment’s market structure gives details of lines of business.

  • Japan’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Japan’s life insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Japan’s life insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Japan’s life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

Nippon Life
Sumitomo Life
Meiji Yasuda Life
Japan Post
MetLife
Sony Life
Dai-ichi Life
Dai-ichi Frontier Life

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Lines of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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