Japan’s insurance industry
The insurance market in general can be divided into life insurance and non-life insurance, with the latter also being referred to as general insurance or property and casualty insurance. Life insurance makes up the larger part of the insurance industry in the case of Japan, accounting for around 74.1 percent of total gross premiums written. Life insurance penetration, the ratio of gross insurance premiums in a country to its gross domestic product (GDP), reached six percent in 2022, compared to a non-life insurance penetration of around two percent.There are 42 life insurers and 33 general insurance companies active in Japan. Nippon Life, Dai-ichi Life, Meiji Yasuda, and Japan Post Insurance are key players in the life insurance market. The property and casualty insurance market is dominated by three insurance groups comprising Tokio Marine Holdings, Sompo Holdings, and MS&AD Insurance Group Holdings.
