Non Life Insurance Industry in Japan to 2017

Non-Life Insurance in Japan, Key Trends and Opportunities to 2017

Synopsis
The report provides in depth market analysis, information and insights into the Japanese non-life insurance
segment, including:
The Japanese non-life insurance segment’s growth prospects by non-life insurance categories Key
trends and drivers for the non-life insurance segment The various distribution channels in the Japanese
non-life insurance segment Detailed competitive landscape in the non-life insurance segment in Japan Detailed
regulatory framework of the Japanese insurance industry A description of the non-life reinsurance segment in
Japan Porter's Five Forces Analysis of the non-life insurance segment Benchmarking section on the Japanese
non-life insurance segment in comparison to other countries with overall GWP>$150 billion
Executive summary
By global standards, the size and importance of the Japanese non-life insurance segment is high: the
segment’s gross written premium reached JPY7.2 trillion (US$89.8 billion) in 2012, equivalent to
6.6% of the global non-life premium, second only to the US. The segment is mature and concentrated with the
four leading firms collectively accounting for 79.1% of the segment’s written premium in 2011.
Despite weak economic development during the review period (2008–2012), the non-life segment
achieved positive growth during the period at a compound annual growth rate (CAGR) of 1.0%. Subsidies
provided by the Japanese government on eco-friendly automobiles encouraged growth, generating business for
the third-party motor insurance sub-category. The liberalization of bancassurance and the occurrence of the
earthquake in 2011 fuelled growth in the property and earthquake insurance categories. These factors, coupled
with improving business and economic conditions, are expected to drive growth in the non-life segment over
the forecast period.
Scope
This report provides a comprehensive analysis of the non-life insurance segment in Japan:
It provides historical values for Japan’s non-life insurance segment for the report’s
2008–2012 review period and forecast figures for the 2012–2017 forecast period It offers a
detailed analysis of the key sub-segments in Japan’s non-life insurance segment, along with market
forecasts until 2017 It covers an exhaustive list of parameters, including written premium, incurred loss, loss
ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and
retentions It analyses the various distribution channels for non-life insurance products in Japan Using
Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in
Japan for the non-life insurance segment It provides a detailed analysis of the reinsurance segment in Japan
and its growth prospects 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 within the Japanese non-life insurance segment Assess the competitive
dynamics in the non-life insurance segment, along with the reinsurance segment Identify the growth

opportunities and market dynamics within key product categories Gain insights into key regulations governing
the Japanese insurance industry and its impact on companies and the market's future
Key highlights
The Japanese non-life insurance segment's gross written premium reached JPY7.2 trillion (US$89.8 billion)
in 2012, equivalent to 6.6% of the global non-life premium, second only to the US The introduction of
subsidies by the government on eco-friendly vehicles encouraged growth in the segment, generating business
for the third-party motor insurance sub-category During 2000–2010, the non-life segment recorded a
decline in direct premiums by 14% The leading non-life insurance products sold in Japan were motor, fire,
compulsory motor liability, and general liability insurance During the review period, the agencies channel
underwent a period of consolidation as smaller companies were acquired by larger firms As of July 2012,
there were 53 insurance providers licensed to conduct general insurance business in Japan, out of which 29
were domestic and 24 were foreign insurance providers.
table Of Contents

1 Executive Summary

2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology

3 Regional Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size

4 Non-life Insurance Segment – Regional Benchmarking
4.1 Scale And Penetration
4.1.1 Total Market Gross Written Premium
4.1.2 Premium Per Capita
4.1.3 Non-life Insurance Penetration (as A Percentage Of Gdp)
4.2 Growth
4.2.1 Gross Written Premium
4.2.2 Gross Written Premium Per Capita
4.3 Efficiency And Risk
4.3.1 Loss Ratio
4.3.2 Combined Ratio
4.3.3 Incurred Losses Per Capita

4.3.4 Incurred Losses As A Percentage Of Gdp
4.4 Distribution Channels
4.4.1 Direct Marketing
4.4.2 Bancassurance
4.4.3 Agencies

5 Japanese Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends And Drivers

6 Non-life Insurance Outlook
6.1 Non-life Insurance Growth Prospects By Category
6.1.1 Property Insurance
6.1.2 Fire And Allied Perils Insurance
6.1.3 Engineering Insurance
6.1.4 Agriculture Insurance
6.1.5 Other Property Insurance
6.2 Motor Insurance
6.2.1 Motor Hull Insurance
6.2.2 Motor Third-party Insurance
6.3 General Third-party Insurance
6.4 Marine, Aviation And Transit Insurance
6.4.1 Marine Insurance
6.4.2 Marine Hull Insurance
6.4.3 Marine Third-party Insurance
6.4.4 Aviation Insurance
6.4.5 Transit Insurance

7 Analysis By Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers

8 Porter’s Five Forces Analysis – Japanese Non-life Insurance
8.1 Bargaining Power Of Suppliers: Low
8.2 Bargaining Power Of Buyers: Medium To High
8.3 Barriers To Entry: High

8.4 Intensity Of Rivalry: High
8.5 Threat Of Substitutes: Low

9 Reinsurance Growth Dynamics And Challenges
9.1 Reinsurance Segment Size, 2008–2017
9.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017

10 Governance, Risk And Compliance
10.1 Legislation Overview And Historical Evolution
10.2 Legislation And Market Practice By Type Of Insurance
10.2.1 Life Insurance
10.2.2 Property Insurance
10.2.3 Motor Insurance
10.2.4 Marine, Aviation And Transit Insurance
10.2.5 Personal Accident And Health Insurance
10.3 Compulsory Insurance
10.3.1 Automobile Liability Insurance (cali)
10.3.2 Workers’ Accident Compensation Insurance
10.3.3 Liability Insurance For Nuclear Risks
10.4 Supervision And Control
10.4.1 International Association Of Insurance Supervisors
10.4.2 Financial Services Agency (fsa)
10.4.3 Local Finance Bureau Of The Ministry Of Finance (lfb)
10.5 Non-admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market Practices
10.5.4 Fines And Penalties
10.6 Company Registration And Operations
10.6.1 Types Of Insurance Organization
10.6.2 Establishing A Domestic Company
10.6.3 Foreign Ownership
10.6.4 Types Of License
10.6.5 Capital Requirements
10.6.6 Solvency Margins
10.6.7 Reserve Requirements
10.6.8 Investment Regulations
10.6.9 Statutory Return Requirements
10.6.10 Fee Structure
10.7 Taxation
10.7.1 Insurance Premium Or Policy Taxation

10.7.2 Withholding Taxes On Premium Paid Overseas
10.7.3 Corporate Tax
10.7.4 Vat
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access To Court
10.8.3 Alternative Dispute Resolution (adr)

11 Competitive Landscape And Strategic Insights
11.1 Overview
11.2 Leading Companies In The Japanese Non-life Insurance Segment
11.3 Comparison Of Top-five Insurers
11.3.1 Net Written Premium
11.3.2 Paid Claims
11.3.3 Total Investment Income
11.3.4 Total Assets
11.3.5 Incurred Loss
11.4 Tokio Marine & Nichido – Company Overview
11.4.1 Tokio Marine & Nichido – Key Facts
11.4.2 Tokio Marine & Nichido – Key Financials
11.5 Sompo Japan – Company Overview
11.5.1 Sompo Japan – Key Facts
11.5.2 Sompo Japan – Key Financials
11.6 Mitsui Sumitomo Insurance – Company Overview
11.6.1 Mitsui Sumitomo Insurance – Key Facts
11.6.2 Mitsui Sumitomo Insurance – Key Financials
11.7 Aioi Nissay Dowa Insurance Company – Company Overview
11.7.1 Aioi Nissay Dowa Insurance Company – Key Facts
11.7.2 Aioi Nissay Dowa Insurance Company – Key Financials
11.8 Nipponkoa Insurance – Company Overview
11.8.1 Nipponkoa Insurance – Key Facts
11.8.2 Nipponkoa Insurance – Key Financials
11.9 Fuji Fire And Marine Insurance Company – Company Overview
11.9.1 Fuji Fire And Marine Insurance Company – Key Facts
11.9.2 Fuji Fire And Marine Insurance Company – Key Financials
11.1 Kyoei Fire & Marine Insurance Co., Ltd. – Company Overview
11.10.1 Kyoei Fire & Marine Insurance Co., Ltd.– Key Facts
11.10.2 Kyoei Fire & Marine Insurance Co., Ltd.– Key Financials
11.11 Nisshin Fire & Marine Insurance Co., Ltd.– Company Overview
11.11.1 Nisshin Fire & Marine Insurance Co., Ltd. – Key Facts
11.11.2 Nisshin Fire & Marine Insurance Co., Ltd – Key Financials

11.12 The Toa Reinsurance Company Limited– Company Overview
11.12.1 The Toa Reinsurance Company Limited – Key Facts
11.12.2 The Toa Reinsurance Company, Limited – Key Financials
11.13 Japan Earthquake Reinsurance Co., Ltd.– Company Overview
11.13.1 Japan Earthquake Reinsurance Co., Ltd. – Key Facts
11.13.2 Japan Earthquake Reinsurance Co., Ltd. – Key Financials

12 Business Environment And Country Risk
12.1 Business Confidence
12.1.1 Market Capitalization Trend – Tokyo Stock Exchange, Japan
12.2 Economic Performance
12.2.1 Gdp At Constant Prices (us$)
12.2.2 Gdp Per Capita At Constant Prices (us$)
12.2.3 Gdp At Current Prices (us$)
12.2.4 Gdp Per Capita At Current Prices (us$)
12.2.5 Gdp By Key Segments
12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$)
12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As A Percentage Of Gdp
12.2.8 Manufacturing Net Output At Current Prices (us$)
12.2.9 Manufacturing Net Output At Current Prices As A Percentage Of Gdp
12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$)
12.2.11 Mining, Manufacturing And Utilities At Current Prices, As A Percentage Of Gdp
12.2.12 Construction Net Output At Current Prices (us$)
12.2.13 Construction Net Output At Current Prices As A Percentage Of Gdp
12.2.14 Inflation Rate
12.2.15 Exports As A Percentage Of Gdp
12.2.16 Imports As A Percentage Of Gdp
12.2.17 Exports Growth
12.2.18 Imports Growth
12.2.19 Annual Average Exchange Rate Us$–jpy
12.3 Infrastructure
12.3.1 Commercial Vehicles Exports Total Value
12.3.2 Commercial Vehicles Import Value
12.3.3 Automotive Exports Total Value
12.3.4 Automotive Imports Total Value
12.3.5 Total Internet Subscribers
12.4 Labor Force
12.4.1 Labor Force
12.4.2 Unemployment Rate
12.5 Demographics
12.5.1 Gross National Disposable Income (us$)
12.5.2 Household Consumption Expenditure (us$)

12.5.3 Total Population
12.5.4 Urban And Rural Populations
12.5.5 Age Distribution Of The Total Population

13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Disclaimer
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Non Life Insurance Industry in Japan to 2017

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Non Life Insurance Industry in Japan to 2017