In 2023, the net written premium income of the insurance industry in Japan stood at 8.86 trillion Japanese Yen. The forecasted figures from 2024 to 2028 show a steady increase in premium income, with values reaching 8.94 trillion Yen in 2024, 9.03 trillion Yen in 2025, 9.11 trillion Yen in 2026, 9.2 trillion Yen in 2027, and 9.28 trillion Yen in 2028.
The year-on-year percentage variations are as follows:
- From 2023 to 2024: 0.90%
- From 2024 to 2025: 1.01%
- From 2025 to 2026: 0.89%
- From 2026 to 2027: 0.99%
- From 2027 to 2028: 0.87%
The compound annual growth rate (CAGR) from 2023 to 2028 is approximately 0.91%, indicating a gradual growth trend in the insurance sector's premium income over this five-year period.
Future trends to watch for include:
- Impact of demographic shifts and aging population on insurance product demand.
- Technological advancements in underwriting and claims processing.
- Regulatory changes and their effects on industry profitability.
- Potential market disruptions from new entrants and innovative business models.
