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Japan Insurance Sector Growth & Forecast
AM Mind Power Solutions, May 2010, Pages: 22
The present report covers overall insurance industry in Japan, including life and general insurance and their products. The report also discusses about the industry forces such as the demographic structure & the demand for automobiles with future outlook & oppourtunities in this sector.
The report analyses overall insurance sector in Japan with the performance of Life insurance and Non-life segments of the industry. It has talked about major market players performing on the same platform. The report gives light on current market performance and reasons leading to fluctuations in the industry. Japan Post insurance has a great significance in the market but recently hit by economic recession, which is expected to overcome in coming years. Here the report also discussed significance of motor insurance and other non-life insurance, which are responsible of sector growth or decline.
In recent years, the environment surrounding the life insurance industry has undergone major changes. On the demographic front, there has been a shift in insurance needs away from death benefits towards non-death benefits. Japan is one of the largest holders of life and health insurance in the world. The rate of life insurance is very high in the country, with over 90% of the population owning life insurance policies. Future outlook provides a better understanding of industry performance in coming years and factors responsible for the growth.
- In 2008 Japan's eastern coast region consecutively experienced three strong earthquakes of magnitudes over 6. In Japan, earthquake insurance is usually purchased on top of a fire insurance policy.
- In terms of insurance premium, Japan is the third largest player worldwide; whereas in terms of insurance density its ranking is low.
- Japan has the second largest domestic automobile market in the world which makes a strong market for auto insurance in the country. The voluntary automobile insurance premium is the strongest driver of the total non-life insurance industry. In the 2008 fiscal year, automobile insurance fell 1.3% in net premiums and automobile liability insurance fell 21.5% in net premiums.
Products Mentioned:
life and general insurance (earthquake, motor and health insurance)
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