Life Insurance in Japan, Key Trends and Opportunities to 2020

Life Insurance in Japan, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Life Insurance in Japan, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Japanese life insurance segment, and a comparison of the Japanese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Japanese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Japan, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Japanese life insurance segment, including:

An overview of the Japanese life insurance segment

The Japanese life insurance segment's growth prospects by category

A comprehensive overview of the Japanese economy and demographics

A comparison of the Japanese life insurance segment with its regional counterparts

The various distribution channels in the Japanese life insurance segment

Details of the competitive landscape in the life insurance segment in Japan

Details of regulatory policy applicable to the Japanese insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Japan:

It provides historical values for the Japanese life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Japanese life insurance segment, and market forecasts to 2020.

It provides a comparison of the Japanese life insurance segment with its regional counterparts.

It analyzes the various distribution channels for life insurance products in Japan.

It profiles the top life insurance companies in Japan and outlines the key regulations affecting them.

Reasons to Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Japanese life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Japanese life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Japanese insurance industry, and their impact on companies and the industry's future.

Key Highlights

In 2015, Japan's life insurance segment was the second-largest globally after the US, and accounted for 10.2% of the global direct written premium.

Japan's population is contracting due to a declining birth rate.

As of 2015, there were 38 insurers operating in the Japanese life segment. It is regulated by the Financial Services Agency.

During the review period the life segment was driven by demand for traditional products. Individual life accounted for 68.3% of the segment's direct written premium in 2015.

The Japanese life insurance segment is mature and highly competitive. A lack of growth opportunities in the domestic market prompted insurers to expand outside Japan.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Sum assured

4.2.5 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Nippon Life Insurance Company-company overview

7.1.2 Japan Post Insurance Co., Ltd-company overview

7.1.3 Meiji Yasuda Life Insurance Company-company overview

7.1.4 Sumitomo Life Insurance Company-company overview

7.1.5 Dai-ichi Life Insurance Company Ltd-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Automobile liability insurance

8.4.2 Workers' accident compensation insurance

8.4.3 Liability insurance for nuclear risks

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors (IAIS)

8.5.2 Financial Services Agency

8.5.3 Local Finance Bureau of the Ministry of Finance

8.5.4 The General Insurance Association of Japan (GIAJ)

8.5.5 The Life Insurance Association of Japan (LIAJ)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing and E-Commerce

9.5 Insurance Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Group Life Insurance

9.1 Group Life Insurance by Product

9.11 Individual Life-Single vs. Non-Single Premium

9.12 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer

Figure 1: Japanese Real GDP (JPY Trillion), 2011-2020

Figure 2: JPY-US$ Exchange Rate, 2011-2020

Figure 3: Japanese Consumer Price Inflation (%), 2011-2020

Figure 4: Japanese Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 5: Japanese Unemployment Rate, 2011-2020

Figure 6: Japanese Population by Age Group, 1990-2025

Figure 7: Japanese Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Japanese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Japanese Life Insurance-Gross Written Premium (JPY Trillion), 2011-2020

Figure 10: Japanese Life Insurance-Penetration (%), 2011-2020

Figure 11: Japanese Life Insurance-New Business Direct Written Premium (JPY Trillion), 2011-2020

Figure 12: Japanese Life Insurance-Premium per Capita (JPY), 2011-2020

Figure 13: Japanese Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 14: Japanese Life Insurance-Paid Claims (JPY Trillion), 2011-2020

Figure 15: Japanese Life Insurance-Sum Assured (JPY Trillion), 2011-2020

Figure 16: Japanese Life Insurance-Total Assets (JPY Trillion), 2011-2020

Figure 17: Japanese Life Insurance-Total Investment Income (JPY Trillion), 2011-2020

Figure 18: Japanese Life Insurance-Investment Portfolio (JPY Trillion), 2011-2020

Figure 19: Japanese Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 20: Japanese Life Insurance-Direct Written Premium by Sub-Segment (JPY Trillion), 2011-2020

Figure 21: Japanese Life Insurance-Direct Written Premium Share by Sub-Segment, 2011-2020

Figure 22: Japanese Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2011-2020

Figure 23: Japanese Individual Life Insurance-Number of Policies Sold by Category (Million), 2011-2020

Figure 24: Japanese Individual Life Insurance-Penetration (%), 2011-2015

Figure 25: Japanese Individual Life Insurance-Penetration (%), 2015-2020

Figure 26: Japanese Superannuation-Direct Written Premium (JPY Trillion), 2011-2020

Figure 27: Japanese Group Life Insurance-Number of Policies Sold by Category (Million), 2011-2020

Figure 28: Japanese Group Life Insurance-Penetration (%), 2011-2015

Figure 29: Japanese Group Life Insurance-Penetration (%), 2015-2020

Figure 30: Japanese Life Insurance-New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 31: Japanese Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 32: Japan-Insurance Supervision and Control at Various Levels

Figure 33: Japan-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Japanese Life Insurance-Key Facts, 2015

Table 2: Japanese Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Japanese Government Credit Ratings

Table 4: Japanese Life Insurance-Gross Written Premium (JPY Trillion and US$ Billion), 2011-2015

Table 5: Japanese Life Insurance-Penetration (%), 2011-2015

Table 6: Japanese Life Insurance-Gross Written Premium (JPY Trillion and US$ Billion), 2015-2020

Table 7: Japanese Life Insurance-Penetration (%), 2015-2020

Table 8: Japanese Life Insurance-New Business Direct Written Premium (JPY Trillion and US$ Billion), 2011-2015

Table 9: Japanese Life Insurance-New Business Direct Written Premium (JPY Trillion and US$ Billion), 2015-2020

Table 10: Japanese Life Insurance-Premium per Capita (JPY and US$), 2011-2015

Table 11: Japanese Life Insurance-Premium per Capita (JPY and US$), 2015-2020

Table 12: Japanese Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 13: Japanese Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 14: Japanese Life Insurance-Paid Claims (JPY Trillion and US$ Billion), 2011-2015

Table 15: Japanese Life Insurance-Paid Claims (JPY Trillion and US$ Billion), 2015-2020

Table 16: Japanese Life Insurance-Sum Assured (JPY Trillion and US$ Billion), 2011-2015

Table 17: Japanese Life Insurance-Sum Assured (JPY Trillion and US$ Billion), 2015-2020

Table 18: Japanese Life Insurance-Total Assets (JPY Trillion and US$ Trillion), 2011-2015

Table 19: Japanese Life Insurance-Total Assets (JPY Trillion and US$ Trillion), 2015-2020

Table 20: Japanese Life Insurance-Total Investment Income (JPY Trillion and US$ Billion), 2011-2015

Table 21: Japanese Life Insurance-Total Investment Income (JPY Trillion and US$ Billion), 2015-2020

Table 22: Japanese Life Insurance-Investment Portfolio (JPY Trillion), 2011-2015

Table 23: Japanese Life Insurance-Investment Portfolio (JPY Trillion), 2015-2020

Table 24: Japanese Life Insurance-Direct Written Premium by Sub-Segment (JPY Trillion),2011-2015

Table 25: Japanese Life Insurance-Direct Written Premium by Sub-Segment (JPY Trillion), 2015-2020

Table 26: Japanese Pension Category-Direct Written Premium (JPY Trillion), 2011-2015

Table 27: Japanese Pension Category-Direct Written Premium (JPY Trillion), 2015-2020

Table 28: Japanese Individual Life Insurance-Number of Policies Sold by Category (Million), 2011-2015

Table 29: Japanese Individual Life Insurance-Number of Policies Sold by Category (Million), 2015-2020

Table 30: Japanese Superannuation Category-Direct Written Premium (JPY Trillion), 2011-2015

Table 31: Japanese Superannuation Category-Direct Written Premium (JPY Trillion), 2015-2020

Table 32: Japanese Group Life Insurance-Number of Policies Sold by Category (Million), 2011-2015

Table 33: Japanese Group Life Insurance-Number of Policies Sold by Category (Million), 2015-2020

Table 34: Japanese Life Insurance-New Business Direct Written Premium by Distribution Channel (JPY Billion), 2011-2015

Table 35: Japanese Life Insurance-New Business Direct Written Premium by Distribution Channel (JPY Billion), 2015-2020

Table 36: Japanese Life Insurance-Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020

Table 37: Japanese Life Segment-Market Shares of Leading Insurers (%), 2015

Table 38: Nippon Life Insurance Company-Key Facts

Table 39: Nippon Life Insurance Company-Key Financials (JPY Trillion), 2011-2015

Table 40: Japan Post Insurance Co., Ltd-Key Facts

Table 41: Japan Post Insurance Co., Ltd-Key Financials (JPY Trillion), 2011-2015

Table 42: Meiji Yasuda Life Insurance Company-Key Facts

Table 43: Meiji Yasuda Life Insurance Company-Key Financials (JPY Billion), 2011-2015

Table 44: Sumitomo Life Insurance Company-Key Facts

Table 45: Sumitomo Life Insurance Company-Key Financials (JPY Billion), 2011-2015

Table 46: Dai-ichi Life Insurance Company Ltd-Key Facts

Table 47: Dai-ichi Life Insurance Company Ltd-Key Financials (JPY Trillion), 2011-2015

Table 48: Japan-Insurance Regulatory Framework Key Features

Table 49: Japan-Life Insurance Regulatory Framework

Table 50: Japan-Property Insurance Regulatory Framework

Table 51: Japan-Premium Rates for Earthquake Insurance

Table 52: Japan- Motor Insurance Regulatory Framework

Table 53: Japan-Liability Insurance Regulatory Framework

Table 54: Japan-CALI Premium Rates for Different Types of Motor Vehicles (in JPY)

Table 55: Japan-Corporate Tax Rates for the Financial Year 2016

Table 56: Japanese Life Insurance-Policies and Premium, 2011-2015

Table 57: Japanese Life Insurance-Policies and Premium, 2015-2020

Table 58: Japanese Life Insurance-Claims and Expenses, 2011-2015

Table 59: Japanese Life Insurance-Claims and Expenses, 2015-2020

Table 60: Japanese Life Insurance-Assets and Investments, 2011-2015

Table 61: Japanese Life Insurance-Assets and Investments, 2015-2020

Table 62: Japanese Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 63: Japanese Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 64: Japanese Life Insurance-Insurance Agencies, 2011-2015

Table 65: Japanese Life Insurance-Insurance Agencies, 2015-2020

Table 66: Japanese Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 67: Japanese Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 68: Japanese Life Insurance-Individual Life Insurance, 2011-2015

Table 69: Japanese Life Insurance-Individual Life Insurance, 2015-2020

Table 70: Japanese Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 71: Japanese Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 72: Japanese Life Insurance-Group Life Insurance, 2011-2015

Table 73: Japanese Life Insurance-Group Life Insurance, 2015-2020

Table 74: Japanese Life Insurance-Group Life Insurance by Product, 2011-2015

Table 75: Japanese Life Insurance-Group Life Insurance by Product, 2015-2020

Table 76: Japanese Life Insurance-Individual Life Insurance by Premium, 2011-2015

Table 77: Japanese Life Insurance-Individual Life Insurance by Premium, 2015-2020

Table 78: Japanese Life Insurance-Linked vs. Non-Linked Policies, 2011-2015

Table 79: Japanese Life Insurance-Linked vs. Non-Linked Policies, 2015-2020

Table 80: Insurance Industry Definitions

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Nippon Life Insurance Company, Japan Post Insurance Co. Ltd, Meiji Yasuda Life Insurance Company, Sumitomo Life Insurance Company, Dai-ichi Life Insurance Co., Ltd, Dai-ichi Frontier Life Insurance Co., Ltd, MetLife Insurance Co., Ltd, Mitsui Sumitomo Primary Life Insurance Co., Ltd, Gibraltar Life Insurance Co., Ltd, Sony Life Insurance Co., Ltd, ,

Life insurance, Economy and Demographics, Regional comparison, Individual life insurance, Group life insurance, Distribution channels, Bancassurance, Agencies, Direct marketing, Brokers, E-commerce, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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