The gross direct premium of marine insurance in Japan stood at 195.13 Billion Japanese Yens in 2023. From 2013 to 2023, the premium experienced notable fluctuations, with an initial rise followed by a general downward trend. The highest value was recorded in 2014 at 222.67 Billion Japanese Yens, but subsequent years showed a decline, registering a -0.5% year-on-year variation in 2023 and an average negative variation of -0.52% per year over the last five years.
Key trends:
- Significant drop in 2016, with a -12.68% year-on-year variation.
- Moderate recovery and stability from 2017 to 2023, albeit with a consistent slight decrease year-on-year.
- The forecast from 2024 to 2028 predicts a continued gradual decline in premiums with a forecasted 5-year average negative growth rate of -2.09%.
Future trends to watch for:
- Impact of global trade fluctuations on marine insurance demand.
- Technological advancements in maritime safety reducing claims and premiums.
- Policy and regulatory changes in Japan's insurance sector.
