Insurance industry in Japan - statistics and facts
Japan has one of the largest insurance markets in the world. The country records some of the highest life and non-life premiums written globally. Furthermore, it ranks high in terms of insurance penetration, which describes the ratio of total insurance premiums to gross domestic product in a given year. Life insurance dominates the insurance market, with high life insurance ownership among households. One of the challenges faced by both life and property and casualty (P&C) insurance companies is Japan’s rapid demographic change. The shrinking and aging population is causing insurance companies to adapt their business models and explore new business opportunities overseas.
