Japan Life Insurance – Key Trends and Opportunities to 2025

Pages: 81 Published: March 10, 2022 Report Code: GDIS2438MR

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

Japan life insurance market overview

For more insights on this report,  download a free report sample

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

Japan life insurance market, by lines of business

For more lines of business insights, download a free report sample

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

Japan life insurance market, by distribution channels

For more distribution channel insights, download a free report sample

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

Japan life insurance market, by key companies

To know more about key companies, download a free report sample

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

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.
Prudential Life Insurance Company Limited

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

General Annuity Insurance

Life Personal Accident and Health Insurance

Other Life Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Regulatory and Compliance

Competitor Profiles

Appendix

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.

$3,999

Can be used by individual purchaser only

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Get in touch to find out about our multi-purchase discounts

reportstore@globaldata.com
Tel +44 (0) 20 7947 2960

Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.

Still undecided about purchasing this report?

Enquire Before Buying

Request a Free Sample

Testimonial

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods