Market Size of Japan Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Life & Non-Life Insurance Market Analysis
- The life and non-life insurance market in Japan is estimated to registera CAGR of approximately 2% during the forecast period.
- The insurance market in Japan is among the biggest markets in the world. The volume of life insurance is roughly worth JPY 35 trillion, and the country ranked second in thee total annual premium, after the United States. The insurance market for property and casualty (P&C) was roughly worthJPY 9 trillion, rand it ranked fourth, globally.
- The annualized premium on new policies for individual insurance was JPY 2.48 trillion(111.6% year-on-year). The annualized premiumnew policies for individual annuity insurance was JPY 501.6 billion (118.4% year-on-year) Both these numbers resulted in an increase in the last twoyears. The annualized premium on policies in force was JPY 22.31 trillion (103.8% year-on-year) for individual insurance, which was an increase for 10 consecutive years, and 6.35 trillion JPY (99.8% year-on-year) for individual annuity insurance, which was a decrease for twoconsecutive years. Regarding the third sector, the annualized premium was JPY 779.0 billion(111.9% year-on-year) for new policies, which was an increase for sixconsecutive years, and JPY 6.85 trillion(104.9% year-on-year) for policies in force, which is constantly increasing.
- In non-life insurance, the total direct premiums, including the saving portion,in fiscal 2018, amounted to JPY 9,414 billion, which was an increase of 1.5%.The total net premiums, in 2018, was valued at JPY8,392.8 billion, up by 0.1%.The net claims paid on all classes of insurance during fiscal 2018 amounted to JPY 5,324.2 billion, which was an increase of 13.2% compared to the previous term. This increase was a result of theincrease in earthquake insurance claim payments for the Northern Osaka earthquake andthe 2018 Hokkaido eastern Iburi earthquakeand an increase in fire insurance claim payments for the heavy rain event of July 2018.
Japan Life & Non-Life Insurance Industry Segmentation
This report aims to provide a detailed analysis of the life and non-life insurance market in Japan. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various products and application types. It also analyses the key players and the competitive landscape in the life and non-life insurance market in Japan.
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Japan Life & Non-Life Insurance Market Size Summary
The life and non-life insurance industry in Japan is one of the largest in the world, with the country holding a significant position in the global insurance market. The life insurance segment, in particular, is substantial, ranking second globally in terms of total annual premium. The property and casualty (P&C) insurance market also holds a strong position, ranking fourth globally. The market has been witnessing an increase in the annualized premium on new policies for individual insurance and individual annuity insurance over recent years. In the non-life insurance segment, there has been a growth in the total direct premiums, including the saving portion, with an increase in net claims paid on all classes of insurance. The market has also observed an increase in the number of individual insurance policies and policies in force, with strong sales in whole-life, term-life, and cancer insurance. The dominance of automotive insurance is also noteworthy, accounting for a significant portion of Japan's net premium. The market is consolidated, with the top players holding a major share in both life and non-life insurance segments. The industry is expected to grow during the forecast period.
Explore MoreJapan Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Insurance type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non-life Insurance
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2.1.2.1 Home
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2.1.2.2 Motor
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2.1.2.3 Others
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2.2 By Channel of Distribution
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2.2.1 Direct
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2.2.2 Agency
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2.2.3 Banks
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2.2.4 Other Channels of Distribution
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Japan Life & Non-Life Insurance Market Size FAQs
What is the current Japan Life & Non-Life Insurance Market size?
The Japan Life & Non-Life Insurance Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)
Who are the key players in Japan Life & Non-Life Insurance Market?
NIPPON LIFE INSURANCE COMPANY, JAPAN POST INSURANCE CO. LTD, NATIONAL MUTUAL INSURANCE FEDERATION OF AGRICULTURAL COOPERATIVES, TOKIO MARINE & NICHIDO FIRE INSURANCE CO. LTD and MEIJI YASUDA LIFE INSURANCE COMPANY are the major companies operating in the Japan Life & Non-Life Insurance Market.
