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

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Japan General Insurance Market Report Overview

The gross written premium of Japan general insurance market was JPY11.9 trillion ($89.8 billion) in 2023 and will achieve a CAGR of more than 3% during 2024-2028. The Japan general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Japan General Insurance Market Outlook, 2023-2028 (JPY Trillion)

Japan General Insurance Market Outlook, 2023-2028 (JPY Trillion)

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The Japan general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Japan’s 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) JPY11.9 trillion ($89.8 billion)
CAGR (2024-2028) >3%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Property

·        Motor

·        Liability

·        Financial Lines

·        MAT

·        General Insurance PA&H

·        Miscellaneous

Key Distribution Channels ·        Direct Marketing

·        Insurance Brokers

·        Agencies

Leading Companies ·        Tokyo Marine & Nichido Fire

·        Sompo Japan

·        Mitsui Sumitomo Insurance

·        Aioi Nissay Dowa

·        Kyoei Fire & Marine

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Japan General Insurance Market Trends

The rising demand for autonomous driving, increasing awareness of pet insurance, small amount and short-term insurance (SASTI), and insurtech are a few of the trends impacting the Japanese general insurance market.

  • Pet insurance is mainly used to cover the cost of unexpected veterinary bills. Although third-party liability insurance is not mandatory in Japan, it is still bought as injuries/damage caused by the pets make the pet owners liable.
  • Several insurers are employing digital techniques to transform their business process and achieve zero contact. Meanwhile, they are providing remote, virtual, and live interactions with customers for all the processes in the insurance business using AI techniques.

Japan General Insurance Market Segmentation by Lines of Business

Motor was the leading general insurance line of business in 2023

The key lines of business in the Japanese general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, miscellaneous among others. New vehicle registrations increased from January to November 2023 compared to the same period in 2022. Thus, growing vehicle sales and insurers’ focus on launching innovative products will support motor insurance growth in the near future.

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

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

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Japan General Insurance Market Segmentation by Distribution Channels

Agencies was the most preferred channel to purchase general insurance in 2023

A few of the key distribution channels in the Japan general insurance industry are direct marketing, insurance brokers, and agencies.

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

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

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Japan General Insurance Market - Competitive Landscape

Tokyo Marine & Nichido Fire was the largest general insurer in 2022

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

  • Tokyo Marine & Nichido Fire
  • Sompo Japan
  • Mitsui Sumitomo Insurance
  • Aioi Nissay Dowa
  • Kyoei Fire & Marine

In September 2023, Tokio Marine & Nichido Fire and Eisai, a Japanese pharmaceutical company, co-developed a new insurance product, “Dementia Care Support Insurance.” It provides lump-sum benefits for diagnostic tests to facilitate early detection and covers the early-stage treatment using a newly approved drug. The policy also provides access to NouKNOW, a digital tool for self-assessment of cognitive function.

Japan General Insurance Market Analysis by Companies, 2022 (%)

Japan General Insurance Market Analysis by Companies, 2022 (%)

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Japan General Insurance Market - Latest Developments

  • In May 2023, HDI International (HDI) acquired Liberty Seguros’s personal and small commercial business in Brazil, Japan, Colombia, and Ecuador. This deal pushed HDI to second place in Brazil, leading in Japan, and securing a seventh place in Colombia’s insurance markets. HDI is a subsidiary of Talanx Group.

Segments Covered in the Report

Japan General Insurance Lines of Business Outlook (Value, CLP Trillion, 2019-2028)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • General Insurance PA&H
  • Miscellaneous

Japan General Insurance Distribution Channel Outlook (Value, CLP Trillion, 2019-2028)

  • Direct Marketing
  • Insurance Brokers
  • Agencies

Scope

This report provides:

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

Key Highlights

  • Key insights and dynamics of Japan’s general 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 general insurance segment’s market structure gives details of lines of business.
  • Japan’s general reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Japan’s general 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 general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Japan’s general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Tokio Marine & Nichido Fire
Sompo Japan
Mitsui Sumitomo Insurance
Aioi Nissay Dowa
Sony Assurance
AIG General
Kyoei Fire & Marine
Nisshin Fire & Marine

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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