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Japan Insurance Market Intelligence: 2011 Edition
Koncept Analytics, Jan 2011, Pages: 21
The Japanese insurance industry is one of largest markets in Asia in terms of premium. Life insurance is the leading sector of the Japanese insurance market, accounting for more than 80% of the total insurance industry. Though the Japanese insurance density and penetration rates are quite comparable, the market is experiencing a slow growth mainly because of economic challenges which the country is facing due to global economic slowdown.
Japan's non-life insurance sector has experienced stagnant growth due to sluggish domestic consumption and lowering exports affected by the global financial crisis. In this scenario, the non-life insurance sector has witnessed major restructuring in the year 2010 with the creation of two new entities - MS&AD (formed through the integration of Mitsui Sumitomo, Aioi, Nissay Dowa and their group companies) and NKSJ (formed through the integration of Sompo Japan, Nipponkoa and their group companies).
With slowed economic growth, huge public debt, political instability, ongoing deregulation and demographic changes, attaining and sustaining high performance in the Japanese insurance marketplace will be a challenging task for insurance companies. However, rising aging population, increasing voluntary automobile insurance premium, increasing new car sales and increasing savings rate are some of the factors that would drive growth of the insurance industry of Japan for the next few years.
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