JAPAN PROPERTY & CASUALTY INSURANCE MARKET - GROWTH, TRENDS, AND FORECAST (2022 - 2030)
Market Overview
The Japanese property and casualty insurance industry is one of the largest industries in the world. Japanese property and casualty insurers also have very strong sublimits, which limit the amount of coverage available to cover a specific type of loss.
Above forty-five property and casualty insurance companies currently operate in Japan. However, the market is actually an oligopoly of three large groups, known as the mega P&C insurance groups.
The largest private property and casualty insurers in the country are Tokio Marine, Sompo Japan, a unit of NKSJ Holdings, and Mitsui Sumitomo and Aioi, part of MS & AD Insurance Group. Insurance agencies are the main sales channel and they account for 91.4% of net premiums written for the primary insurance business.
Scope of the Report
A complete background analysis of the Japanes property and casualty market, which includes an assessment of the parental market, emerging trends by segments, and regional markets. Significant changes in market dynamics and market overview are also covered in the report
Key Market Trends
Growing Automobile Insurance
Motor insurance demand is expected to decline in the long run due to the shrinking population and well developed public transportation system in Japan. The development of autonomous driving technologies will likely expand the demand for product liability insurance, telematics automobile products, as well as cyber protection.
Property Insurance
The types of property insurance in Japan are
- Fire insurance
- Earthquake insurance
- Landlord insurance
In 2018, fire insurance generally accounted for 15% of the total premium income in the fiscal year ended 31 March 2017, making it the second biggest business line after auto insurance. However, the business is the least profitable among the major lines of business, and has generated underwriting losses for many years.
Competitive Landscape
The report covers major international players operating in the Japanese property and casualty market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The Japanese property and casualty insurance industry is one of the largest industries in the world. Japanese property and casualty insurers also have very strong sublimits, which limit the amount of coverage available to cover a specific type of loss.
Above forty-five property and casualty insurance companies currently operate in Japan. However, the market is actually an oligopoly of three large groups, known as the mega P&C insurance groups.
The largest private property and casualty insurers in the country are Tokio Marine, Sompo Japan, a unit of NKSJ Holdings, and Mitsui Sumitomo and Aioi, part of MS & AD Insurance Group. Insurance agencies are the main sales channel and they account for 91.4% of net premiums written for the primary insurance business.
Scope of the Report
A complete background analysis of the Japanes property and casualty market, which includes an assessment of the parental market, emerging trends by segments, and regional markets. Significant changes in market dynamics and market overview are also covered in the report
Key Market Trends
Growing Automobile Insurance
Motor insurance demand is expected to decline in the long run due to the shrinking population and well developed public transportation system in Japan. The development of autonomous driving technologies will likely expand the demand for product liability insurance, telematics automobile products, as well as cyber protection.
Property Insurance
The types of property insurance in Japan are
- Fire insurance
- Earthquake insurance
- Landlord insurance
In 2018, fire insurance generally accounted for 15% of the total premium income in the fiscal year ended 31 March 2017, making it the second biggest business line after auto insurance. However, the business is the least profitable among the major lines of business, and has generated underwriting losses for many years.
Competitive Landscape
The report covers major international players operating in the Japanese property and casualty market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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