Axco Insurance Information Services (Axco) has released the updated version of the Life and Benefits Insurance Market Report for Japan.
All Axco Reports get routinely updated every quarter, highlighting key changes and developments within a market. Every eighteen months, our Insurance Market Reports get completely rewritten. One of our expert writers visits the territory and engages the market through interviews with all aspects of their insurance market from regulators and key players from all aspects of the territory’s life insurance industry.
Axco’s Life and Benefits Insurance Market Reports cover all the strategic and regulatory information required to operate in over 170 territories across the world.
Key Insights
Axco reports that the primary life market represents around 75% of the total insurance market in Japan. It is now the second-largest life market in Asia after being overtaken by China in 2017. Globally, it ranks fourth for total premium income, including personal accident (PA) and healthcare.
The report reveals that in the fiscal year 2023, total premium income for life insurance companies in Japan was JPY 37.52trn which represents an 8.77% increase on the previous year. The Japanese life insurance market is mainly based on individual policies, which represented around 88.5% of life insurance companies' premium income in fiscal year 2023. Most policies have low sums assured, with whole life and term business being the main products.
Ongoing concerns still surround Japan in relation to the numerous natural disasters which continue to strike the area. In January 2024, an earthquake with a magnitude of 7.5 struck the Noto Peninsula, resulting in 399 deaths. There is still apprehension in the area following the 2012 warning that there was a 70% to 80% chance of an earthquake in the next 30 years, which could result in up to 300,000 deaths.
Market Developments
Nippon Life is the largest life insurer in Japan. Despite the size of the market, a comparatively small number of companies dominate it compared to less centralised markets of a similar size. This has been exacerbated by the merging of AXA Life and AXA Direct Life in May, leaving AXA Life as the remaining insurer.
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About Axco
Axco is the leading supplier of global insurance market information with over 55 years of experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services, which are delivered to every corner of the globe.
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Axco is the leading supplier of global insurance market information with over 55 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.
