Market Size of Japan Motor Insurance Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 54.69 Billion |
| Market Size (2029) | USD 64.67 Billion |
| CAGR (2024 - 2029) | 3.41 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Motor Insurance Market Analysis
The Japan Motor Insurance Market size in terms of direct written premiums value is expected to grow from USD 54.69 billion in 2024 to USD 64.67 billion by 2029, at a CAGR of 3.41% during the forecast period (2024-2029).
The market is expected to grow over the next few years because more people are buying cars, more businesses are using artificial intelligence (AI), and other factors.
Due to the global outbreak of COVID-19, motor insurance in Japan was severely impacted due to the low sale of automobiles. Though the sector can hold itself in the digital space, it remains the most affected as far as the whole motor insurance business is concerned. The worst impact of the pandemic was on the dealers and offline insurers, as vehicles could not be bought or sold due to the lockdown.
In Japan, net premiums for mandatory auto insurance (CALI) were about USD 6.3 billion in the fiscal year 2021. This was the lowest amount in a decade. Net premiums written for voluntary car insurance reached nearly USD 41.1 billion. Motor insurance may provide financial protection against car theft and damage triggered by incidents other than traffic crashes, such as keying, bad weather, or natural disasters, as well as damage caused by colliding with stationary objects.
