Japan Life & Non-Life Insurance Market Size (2024 - 2029)

The life and non-life insurance market in Japan is one of the largest globally, with significant market size in both sectors. The life insurance segment holds a substantial value, ranking second worldwide in total annual premiums, while the property and casualty insurance sector ranks fourth. The market has shown consistent growth in annualized premiums for new individual insurance policies, with a notable increase in the third sector as well. In the non-life insurance sector, there has been a steady rise in total direct and net premiums, driven by increased claims from natural disasters and other events.

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Market Size of Japan Life & Non-Life Insurance Industry

Life and Non-life insurance Market size
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

Life and Non-life insurance Market key players

*Disclaimer: Major Players sorted in no particular order

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.

By Insurance type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Other Channels of Distribution
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Japan Life & Non-Life Insurance Market Size Summary

The life and non-life insurance market in Japan is a significant player on the global stage, ranking among the largest markets worldwide. The life insurance sector is particularly robust, with Japan holding the second position globally in terms of total annual premiums, following the United States. The property and casualty insurance segment also boasts a strong presence, ranking fourth globally. The market is characterized by a steady growth trajectory, with individual insurance and annuity policies showing consistent increases in annualized premiums. Despite some fluctuations, such as a recent decrease in individual annuity insurance premiums, the overall trend indicates a resilient and expanding market. The third sector, which includes supplementary medical coverage, has also seen a sustained rise in premiums, reflecting a growing demand for comprehensive insurance solutions.

In the non-life insurance domain, automobile insurance dominates, accounting for a significant portion of the net premiums. The market is undergoing transformative changes, driven by advancements in telematics and a shift towards more personalized premium classification systems. The non-life insurance sector has experienced growth in direct premiums and net claims, influenced by natural disasters and increased fire insurance claims. The market is highly consolidated, with a few major players holding substantial market shares in both life and non-life segments. Companies like Nippon Life Insurance, Japan Post Insurance, and Tokio Marine & Nichido Fire Insurance are key contributors to the market's dynamics. The forecast period suggests continued growth, supported by the strong performance of these leading firms and the evolving needs of policyholders.

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Japan Life & Non-Life Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Insurance type

      1. 2.1.1 Life Insurance

        1. 2.1.1.1 Individual

        2. 2.1.1.2 Group

      2. 2.1.2 Non-life Insurance

        1. 2.1.2.1 Home

        2. 2.1.2.2 Motor

        3. 2.1.2.3 Others

    2. 2.2 By Channel of Distribution

      1. 2.2.1 Direct

      2. 2.2.2 Agency

      3. 2.2.3 Banks

      4. 2.2.4 Other Channels of Distribution

Japan Life & Non-Life Insurance Market Size FAQs

The Japan Life & Non-Life Insurance Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)

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.

Japan Life & Non-Life Insurance Report Snapshots

Life and Non-life Insurance Market in Japan Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)