Japan Life Insurance – Key Trends and Opportunities to 2025
Japan Life Insurance Market Overview
The Japan life insurance market was valued at $272.2 billion in 2021. The market is expected to grow at a CAGR of more than 1% during the forecast period. The COVID-19 health crisis acted as a catalyst for digitalization in the country’s insurance industry. Due to the remote working conditions, teleworking was introduced in the country. Insurers switched to digital channels to continue providing services to the insured. Japanese life insurers were impacted by low interest rates, which prompted them to reduce the sale of saving products offering guaranteed returns. A decline in the interest rate in overseas markets has created an uncertain business environment for life insurers.
The Japan life insurance market report provides values for key performance indicators such as gross written premium, penetration, and premium accepted and cession rates during the review period and forecast period. The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Japanese economy and demographics, and provides detailed information on the competitive landscape in the country.
Japan life insurance market overview
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What are the key lines of business segments in the Japan life insurance market?
The key lines of business in the life insurance market in Japan are life insurance, general annuity, other life insurance, and life PA&H. The life insurance segment had the highest share of GWP in the Japan life insurance market followed by other life insurance in 2020. Life PA&H had the smallest share in the market.
Japan life insurance market, by lines of business
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What are the key distribution channels in Japan life insurance market?
The key distribution channels in the life insurance market in Japan are direct from insurers, insurance brokers, financial advisors, banks, and online aggregators. Most of the customers in the country preferred purchasing life insurance directly from the insurer. The second most-preferred channel was the insurance broker, followed by the financial advisor. Purchasing insurance products online, using a PC, or laptop was the most preferred method for buying insurance products, followed by purchasing policies face-to-face, and online using a mobile device, smartphone, or tablet.
Japan life insurance market, by distribution channels
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Which are the key life insurance companies in Japan?
Some of the key life insurance companies in Japan are Nippon Life Insurance Company, Japan Post Insurance Company limited, Meiji Yasuda Life Insurance Company, The Dai-ichi Life Insurance Company, Limited, Sumitomo Life Insurance Company, MetLife Insurance K.K., American Family Life Assurance Company, Sony Life Insurance Company Limited, Tokio Marine & Nichido Life Insurance Co., Ltd., and Prudential Life Insurance Company Limited.
Japan life insurance market, by key companies
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Market Report Scope
| Market size (2021) | $272.2 billion (GWP) |
| CAGR | >1% |
| Forecast period | 2020-2025 |
| Key lines of business | Life Insurance, General Annuity, Other Life Insurance, and Life PA&H |
| Key distribution channels | Direct From Insurers, Insurance Brokers, Financial Advisors, Banks, and Online Aggregators |
| Key companies | Nippon Life Insurance Company, Japan Post Insurance Company limited, Meiji Yasuda Life Insurance Company, The Dai-ichi Life Insurance Company, Limited, Sumitomo Life Insurance Company, MetLife Insurance K.K., American Family Life Assurance Company, Sony Life Insurance Company Limited, Tokio Marine & Nichido Life Insurance Co., Ltd., and Prudential Life Insurance Company Limited |
This report provides:
- 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.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Japanese life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Japanese life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The life insurance market in Japan was valued at $272.2 billion in 2021.
The life insurance market in Japan is expected to grow at a CAGR of more than 1% during the forecast period.
The key lines of business in the life insurance market in Japan are life insurance, general annuity, other life insurance, and life PA&H.
The key distribution channels in the Japanese life insurance market are direct from insurers, insurance brokers, financial advisors, banks, and online aggregators.
Some of the key life insurance companies in Japan are Nippon Life Insurance Company, Japan Post Insurance Company limited, Meiji Yasuda Life Insurance Company, The Dai-ichi Life Insurance Company, Limited, Sumitomo Life Insurance Company, MetLife Insurance K.K., American Family Life Assurance Company, Sony Life Insurance Company Limited, Tokio Marine & Nichido Life Insurance Co., Ltd., and Prudential Life Insurance Company Limited.
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