The net premium of marine insurance in Japan has seen fluctuations over the past decade, with the premium standing at 182.68 billion Japanese Yen in 2023. The actual values show an initial growth period from 2013 to 2015 followed by a decline, especially notable in 2016 with nearly 12% drop. A slight recovery followed, but the trend generally stayed downward, including a slight drop during recent years, finishing with a 4.81% increase in 2022 before another slight decline in 2023. The average variation over the last 5 years indicates a small negative Compound Annual Growth Rate (CAGR) of -0.43. Forecasts for 2024 through 2028 predict continued marginal declines, with a forecasted five-year CAGR of -0.34%.
Future trends to watch for may include the impact of global trade dynamics on marine insurance demand, advancements in marine technology potentially reducing risk, regulatory changes and environmental factors influencing the marine insurance market in Japan.
