Non-Life Insurance in Japan, Key Trends and Opportunities to 2020

Non-Life Insurance in Japan, Key Trends and Opportunities to 2020


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Executive Summary

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Japanese insurance industry, 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 'Non-Life Insurance in Japan, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Japanese non-life insurance segment, including:

The Japanese non-life segment's detailed outlook by product category

A comprehensive overview of the Japanese economy and demographics

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

The various distribution channels in the Japanese non-life insurance segment

Detailed analysis of natural hazards and their impact on the Japanese insurance industry

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

Details of regulatory policy applicable to the Japanese insurance industry

Scope

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

It provides historical values for the Japanese non-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 non-life insurance segment, and market forecasts to 2020.

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

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

It analyzes various natural hazards and their impact on the Japanese insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

The Japanese non-life insurance segment was the third-largest in the world in 2015, in terms of direct written premium.

The segment accounted for 4.7% of the global non-life gross written premium. The segment's gross written premium grew at a review-period (2011-2015) compound annual growth rate (CAGR) of 4.9%.

Motor insurance was the largest non-life category, accounting for 61.7% of the segment's gross written premium in 2015.

Effective from October 2015, the increase in fire insurance premiums, at an average of 2-4%, will negatively affect the property insurance category over the forecast period.

Marine insurers are highly exposed to catastrophic risk, due to the increasing size of ships and increasing capacities of ports and storage facilities.

Workmen's compensation insurance is compulsory for all organizations in Japan. It is being regulated and supervised by the Ministry of Health, Labour and Welfare under the social insurance system.



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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 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Direct marketing

6.1.3 Brokers

7 Natural and Man-made Hazards

7.1 Earthquake and Tsunamis

7.2 Volcanic Activity

7.3 Typhoons

7.4 Floods

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Sompo Japan Nipponkoa Insurance Inc.-company overview

8.1.2 Tokio Marine & Nichido Fire Insurance Co. Ltd-company overview

8.1.3 Mitsui Sumitomo Insurance Co. Ltd-company overview

8.1.4 Aioi Nissay Dowa Insurance Co. Ltd-company overview

8.1.5 The Fuji Fire and Marine Insurance Co. Ltd-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Automobile liability insurance

9.4.2 Workers' accident compensation insurance

9.4.3 Liability insurance for nuclear risks

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors (IAIS)

9.5.2 Financial Services Agency

9.5.3 Local Finance Bureau of the Ministry of Finance

9.5.4 The General Insurance Association of Japan (GIAJ)

9.5.5 The Life Insurance Association of Japan (LIAJ)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Motor Insurance by Product

10.10 Liability Insurance 121

10.11 Marine, Aviation and Transit Insurance 122

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

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

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

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

Figure 11: Japanese Non-Life Insurance-Premium per Capita (JPY), 2011-2020

Figure 12: Japanese Non-Life Insurance-Paid Claims (JPY Trillion), 2011-2020

Figure 13: Japanese Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Japanese Non-Life Insurance-Total Assets (JPY Billion), 2011-2020

Figure 15: Japanese Non-Life Insurance-Total Investment Income (JPY Billion), 2011-2020

Figure 16: Japanese Non-Life Insurance-Investment Portfolio (JPY Trillion), 2011-2020

Figure 17: Japanese Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Japanese Non-Life Insurance-Direct Written Premium by Category (JPY Trillion), 2011-2020

Figure 19: Japanese Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Japanese Property Insurance-Construction Value Output by Project Type (JPY Trillion), 2011-2015

Figure 21: Japanese Property Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2011-2020

Figure 22: Japanese Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 23: Japanese Property Insurance-Paid Claims (JPY Trillion), 2011-2020

Figure 24: Japanese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (JPY Billion and %), 2011-2020

Figure 25: Japanese-New Vehicles registered, 2011-2015

Figure 26: Japan-Traffic Accidents, 2011-2015

Figure 27: Japanese Motor Insurance-Direct Written Premium by Sub-Category (JPY Trillion), 2011-2020

Figure 28: Japanese Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 29: Japanese Motor Insurance-Paid Claims (JPY Trillion), 2011-2020

Figure 30: Japanese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (JPY Billion and %), 2011-2020

Figure 31: Japanese Liability Insurance-Direct Written Premium (JPY Billion), 2011-2020

Figure 32: Japanese Liability Insurance-Paid Claims (JPY Billion), 2011-2020

Figure 33: Japanese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (JPY Billion and %), 2011-2020

Figure 34: Japanese Marine, Aviation and Transit Insurance-Direct Written Premium (JPY Billion), 2011-2020

Figure 35: Japanese Marine, Aviation and Transit Insurance-Paid Claims (JPY Billion), 2011-2020

Figure 36: Japanese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (JPY Billion and %), 2011-2020

Figure 37: Japanese Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 38: Japanese-Frequency of Hazards by Type, 1990-2014

Figure 39: Japanese Mortality by Hazards Type, 1990-2014

Figure 40: Japanese Economic Loss by Hazards Type, 1990-2014

Figure 41: Japanese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 42: Japan-Insurance Supervision and Control at Various Levels

Figure 43: Japan-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Japanese Non-Life Insurance-Key Facts, 2015

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

Table 3: Japanese Government Credit Ratings

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

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

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

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

Table 8: Japanese Non-Life Insurance-Premium per Capita (JPY and US$), 2011-2015

Table 9: Japanese Non-Life Insurance-Premium per Capita (JPY and US$), 2015-2020

Table 10: Japanese Non-Life Insurance-Paid Claims (JPY Trillion and US$ Billion), 2011-2015

Table 11: Japanese Non-Life Insurance-Paid Claims (JPY Trillion and US$ Billion), 2015-2020

Table 12: Japanese Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Japanese Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Japanese Non-Life Insurance-Total Assets (JPY Trillion and US$ Billion), 2011-2015

Table 15: Japanese Non-Life Insurance-Total Assets (JPY Trillion and US$ Billion), 2015-2020

Table 16: Japanese Non-Life Insurance-Total Investment Income (JPY Billion and US$ Billion), 2011-2015

Table 17: Japanese Non-Life Insurance-Total Investment Income (JPY Billion and US$ Billion), 2015-2020

Table 18: Japanese Non-Life Insurance-Investment Portfolio (JPY Billion), 2011-2015

Table 19: Japanese Non-Life Insurance-Investment Portfolio (JPY Billion), 2015-2020

Table 20: Japanese Non-Life Insurance-Direct Written Premium by Category (JPY Trillion), 2011-2015

Table 21: Japanese Non-Life Insurance-Direct Written Premium by Category (JPY Trillion), 2015-2020

Table 22: Japanese Property Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2011-2015

Table 23: Japanese Property Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2015-2020

Table 24: Japanese Property Insurance-Paid Claims (JPY Trillion and US$ Billion), 2011-2015

Table 25: Japanese Property Insurance-Paid Claims (JPY Trillion and US$ Billion), 2015-2020

Table 26: Japanese Property Insurance-Loss Ratio (%), 2011-2015

Table 27: Japanese Property Insurance-Loss Ratio (%), 2015-2020

Table 28: Japanese Motor Insurance-Direct Written Premium by Sub-Category (JPY Trillion), 2011-2015

Table 29: Japanese Motor Insurance-Direct Written Premium by Sub-Category (JPY Trillion), 2015-2020

Table 30: Japanese Motor Insurance-Paid Claims (JPY Trillion and US$ Billion), 2011-2015

Table 31: Japanese Motor Insurance-Paid Claims (JPY Trillion and US$ Billion), 2015-2020

Table 32: Japanese Motor Insurance-Loss Ratio (%), 2011-2015

Table 33: Japanese Motor Insurance-Loss Ratio (%), 2015-2020

Table 34: Japanese Liability Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2011-2015

Table 35: Japanese Liability Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2015-2020

Table 36: Japanese Liability Insurance-Paid Claims (JPY Billion and US$ Billion), 2011-2015

Table 37: Japanese Liability Insurance-Paid Claims (JPY Billion and US$ Billion), 2015-2020

Table 38: Japanese Liability Insurance-Loss Ratio (%), 2011-2015

Table 39: Japanese Liability Insurance-Loss Ratio (%), 2015-2020

Table 40: Japanese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2011-2015

Table 41: Japanese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (JPY Billion), 2015-2020

Table 42: Japanese Marine, Aviation and Transit Insurance-Paid Claims (JPY Billion and US$ Billion), 2011-2015

Table 43: Japanese Marine, Aviation and Transit Insurance-Paid Claims (JPY Billion and US$ Billion), 2015-2020

Table 44: Japanese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 45: Japanese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 46: Japanese Non-Life Insurance-Direct Written Premium by Distribution Channel (JPY Billion), 2011-2015

Table 47: Japanese Non-Life Insurance-Direct Written Premium by Distribution Channel (JPY Billion), 2015-2020

Table 48: Japanese Non-Life Insurance-Percentage of Direct Written Premium, by Distribution Channel, 2011-2020

Table 49: Japanese Average Annual Loss by Hazard

Table 50: Japanese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 51: Sompo Japan Nipponkoa Insurance Inc-Key Facts

Table 52: Sompo Japan Nipponkoa Insurance Inc-Key Financials (JPY Billion), 2011-2015

Table 53: Tokio Marine & Nichido Fire Insurance Co.-Key Facts

Table 54: Tokio Marine & Nichido Fire Insurance Co.-Key Financials (JPY Billion), 2011-2015

Table 55: Mitsui Sumitomo Insurance Co., Ltd-Key Facts

Table 56: Mitsui Sumitomo Insurance Co. Ltd-Key Financials (JPY Billion), 2011-2015

Table 57: Aioi Nissay Dowa Insurance Co. Ltd-Key Facts

Table 58: Aioi Nissay Dowa Insurance Co., Ltd-Key Financials (JPY Billion), 2011-2015

Table 59: The Fuji Fire and Marine Insurance Co., Ltd-Key Facts

Table 60: The Fuji Fire and Marine Insurance Co., Ltd-Key Financials (JPY Billion), 2011-2015

Table 61: Japan-Insurance Regulatory Framework Key Features

Table 62: Japan-Life Insurance Regulatory Framework

Table 63: Japan-Property Insurance Regulatory Framework

Table 64: Japan-Premium Rates for Earthquake Insurance

Table 65: Japan- Motor Insurance Regulatory Framework

Table 66: Japan-Liability Insurance Regulatory Framework

Table 67: Japan-CALI Premium Rates for Different Types of Motor Vehicles (in JPY)

Table 68: Japan-Corporate Tax Rates for the Financial Year 2016

Table 69: Japanese Insurance Industry-Policies and Premium, 2011-2015

Table 70: Japanese Insurance Industry-Policies and Premium, 2015-2020

Table 71: Japanese Non-Life Insurance-Claims and Expenses, 2011-2015

Table 72: Japanese Non-Life Insurance-Claims and Expenses, 2015-2020

Table 73: Japanese Non-Life Insurance-Assets and Investments, 2011-2015

Table 74: Japanese Non-Life Insurance-Assets and Investments, 2015-2020

Table 75: Japanese Non-Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 76: Japanese Non-Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 77: Japanese Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 78: Japanese Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 79: Japanese Non-Life Insurance-Property Insurance, 2011-2015

Table 80: Japanese Non-Life Insurance-Property Insurance, 2015-2020

Table 81: Japanese Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 82: Japanese Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 83: Japanese Non-Life Insurance-Motor Insurance, 2011-2015

Table 84: Japanese Non-Life Insurance-Motor Insurance, 2015-2020

Table 85: Japanese Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 86: Japanese Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 87: Japanese Non-Life Insurance-Liability Insurance, 2011-2015

Table 88: Japanese Non-Life Insurance-Liability Insurance, 2015-2020

Table 89: Japanese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 90: Japanese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 91: Insurance Industry Definitions

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Sompo Japan Nipponkoa Insurance Inc., Tokio Marine & Nichido Fire Insurance Co., Ltd, Mitsui Sumitomo Insurance Co., Ltd, Aioi Nissay Dowa Insurance Co., Ltd, The Fuji Fire and Marine Insurance Co., Ltd, AIU Insurance Company, Ltd, The Kyoei Fire and Marine Insurance Co., Ltd, Nisshin Fire and Marine Insurance Co., Ltd, Sony Assurance Inc., American Home Assurance Company, Ltd, , ,

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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