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Japan Insurance Report Q3 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: This quarter, we have broadly maintained our forecasts for both the life and the non-lifesegments The key themes remain the same Massive by any metric, the life segment continues to grow atalmost mid-single digit rates This reflects the persistently high savings rate, the central position of the lifeinsurers in the organised savings landscape and innovation by the leading companies The market ismature, though, and many of the majors are looking for growth overseas and/or at domestic acquisitions Inthe much smaller non-life segment, contracting volumes for motor insurers remains a challengeNevertheless, even in non-life insurance, profitable niches are available to foreign insurers

Key Updates And Forecasts

- We continue to forecast growth in life insurance premiums of around 3% annually through the forecastperiod, notwithstanding that some companies have reported double-digit rises in new business in recentmonths Growth will be driven by increasing demand for retirement income solutions; the establishedposition of the life insurance industry as a provider of social security in Japan; the low rates of returnavailable from competing investment opportunities; and innovation by life insurers in terms of product design, distribution and brand Major life companies continue to announce initiatives to expand overseasand/or to undertake acquisitions of other Japanese companies

- Similarly, nothing has happened to alter our view that most non-life sub-sectors and the non-life segmentas a whole are likely to grow at low single-digit rates through the forecast period All the structuralheadwinds remain in place, including deflationary pressures, the declining population and low realgrowth rates Over the last three months, we have revised upwards our projections for property insurance,given the mild improvement in our assessment of the prospects for Japan's economy However, this hasbeen more than offset by our sharp downwards revision of projections for car sales Motor vehicleinsurers will likely experience contracting volumes over the course of the forecast period, and at a timethat prices are facing downwards pressure We continue to look for a fairly sharp contraction in premiumsfrom credit/ financial guarantee insurance It is unsurprising that many of the leading non-life companiesare looking at opportunities outside Japan

Table Of Contents

Japan Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Japan 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Japan 2013-2020) 12
Table: Life Insurance Claims (Japan 2008-2015) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Japan 2013-2020) 16
Table: Non-Life Insurance Claims (Japan 2009-2015) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Japan 2013-2020) 26
Insurance Risk/Reward Index 28
Asia Pacific Industry Risk/Reward Index 28
Table: Asia Pacific Insurance Risk/Reward Index Q316 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2007-2012 32
Table: Life Insurance Market (%) 2006-2012 33
Non-Life Market Overview 35
The Product Offering 35
The Competitive Landscape 35
Company Profile 38
Japan Post Insurance 38
MetLife 42
Nippon Life (Nissay) 45
Sompo Japan Nipponkoa Holdings 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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