Synopsis
Timetric's 'Life Insurance in Japan, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Japanese life insurance segment, and a comparison of the Japanese insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Japanese economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric's 'Life Insurance in Japan, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Japanese life insurance segment, including:
An overview of the Japanese life insurance segment
The Japanese life insurance segment's growth prospects by category
A comprehensive overview of the Japanese economy and demographics
A comparison of the Japanese life insurance segment with its regional counterparts
The various distribution channels in the Japanese life insurance segment
Details of the competitive landscape in the life insurance segment in Japan
Details of regulatory policy applicable to the Japanese insurance industry
Scope
This report provides a comprehensive analysis of the life insurance segment in Japan:
It provides historical values for the Japanese life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.
It offers a detailed analysis of the key categories in the Japanese life insurance segment, and market forecasts to 2020.
It provides a comparison of the Japanese life insurance segment with its regional counterparts.
It analyzes the various distribution channels for life insurance products in Japan.
It profiles the top 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 life insurance segment, and each category within it.
Understand the demand-side dynamics, key market trends and growth opportunities in the Japanese life insurance segment.
Assess the competitive dynamics in the life insurance segment.
Identify growth opportunities and market dynamics in key product categories.
Gain insights into key regulations governing the Japanese insurance industry, and their impact on companies and the industry's future.
Key Highlights
In 2015, Japan's life insurance segment was the second-largest globally after the US, and accounted for 10.2% of the global direct written premium.
Japan's population is contracting due to a declining birth rate.
As of 2015, there were 38 insurers operating in the Japanese life segment. It is regulated by the Financial Services Agency.
During the review period the life segment was driven by demand for traditional products. Individual life accounted for 68.3% of the segment's direct written premium in 2015.
The Japanese life insurance segment is mature and highly competitive. A lack of growth opportunities in the domestic market prompted insurers to expand outside Japan.
Life Insurance in Japan, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Nippon Life Insurance Company - company overview
7.1.2 Japan Post Insurance Co., Ltd - company overview
7.1.3 Meiji Yasuda Life Insurance Company - company overview
7.1.4 Sumitomo Life Insurance Company - company overview
7.1.5 Dai-ichi Life Insurance Company Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Automobile liability insurance
8.4.2 Workers' accident compensation insurance
8.4.3 Liability insurance for nuclear risks
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Financial Services Agency
8.5.3 Local Finance Bureau of the Ministry of Finance
8.5.4 The General Insurance Association of Japan (GIAJ)
8.5.5 The Life Insurance Association of Japan (LIAJ)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Individual Life - Single vs. Non-Single Premium
9.12 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer
List of Tables
Table 1: Japanese Life Insurance - Key Facts, 2015
Table 2: Japanese Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Japanese Government Credit Ratings
Table 4: Japanese Life Insurance - Gross Written Premium (JPY Trillion and US$ Billion), 2011-2015
Table 5: Japanese Life Insurance - Penetration (%), 2011-2015
Table 6: Japanese Life Insurance - Gross Written Premium (JPY Trillion and US$ Billion), 2015-2020
Table 7: Japanese Life Insurance - Penetration (%), 2015-2020
Table 8: Japanese Life Insurance - New Business Direct Written Premium (JPY Trillion and US$ Billion), 2011-2015
Table 9: Japanese Life Insurance - New Business Direct Written Premium (JPY Trillion and US$ Billion), 2015-2020
Table 10: Japanese Life Insurance - Premium per Capita (JPY and US$), 2011-2015
Table 11: Japanese Life Insurance - Premium per Capita (JPY and US$), 2015-2020
Table 12: Japanese Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 13: Japanese Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 14: Japanese Life Insurance - Paid Claims (JPY Trillion and US$ Billion), 2011-2015
Table 15: Japanese Life Insurance - Paid Claims (JPY Trillion and US$ Billion), 2015-2020
Table 16: Japanese Life Insurance - Sum Assured (JPY Trillion and US$ Billion), 2011-2015
Table 17: Japanese Life Insurance - Sum Assured (JPY Trillion and US$ Billion), 2015-2020
Table 18: Japanese Life Insurance - Total Assets (JPY Trillion and US$ Trillion), 2011-2015
Table 19: Japanese Life Insurance - Total Assets (JPY Trillion and US$ Trillion), 2015-2020
Table 20: Japanese Life Insurance - Total Investment Income (JPY Trillion and US$ Billion), 2011-2015
Table 21: Japanese Life Insurance - Total Investment Income (JPY Trillion and US$ Billion), 2015-2020
Table 22: Japanese Life Insurance - Investment Portfolio (JPY Trillion), 2011-2015
Table 23: Japanese Life Insurance - Investment Portfolio (JPY Trillion), 2015-2020
Table 24: Japanese Life Insurance - Direct Written Premium by Sub-Segment (JPY Trillion),2011-2015
Table 25: Japanese Life Insurance - Direct Written Premium by Sub-Segment (JPY Trillion), 2015-2020
Table 26: Japanese Pension Category - Direct Written Premium (JPY Trillion), 2011-2015
Table 27: Japanese Pension Category - Direct Written Premium (JPY Trillion), 2015-2020
Table 28: Japanese Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
Table 29: Japanese Individual Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
Table 30: Japanese Superannuation Category - Direct Written Premium (JPY Trillion), 2011-2015
Table 31: Japanese Superannuation Category - Direct Written Premium (JPY Trillion), 2015-2020
Table 32: Japanese Group Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
Table 33: Japanese Group Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
Table 34: Japanese Life Insurance - New Business Direct Written Premium by Distribution Channel (JPY Billion), 2011-2015
Table 35: Japanese Life Insurance - New Business Direct Written Premium by Distribution Channel (JPY Billion), 2015-2020
Table 36: Japanese Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 37: Japanese Life Segment - Market Shares of Leading Insurers (%), 2015
Table 38: Nippon Life Insurance Company - Key Facts
Table 39: Nippon Life Insurance Company - Key Financials (JPY Trillion), 2011-2015
Table 40: Japan Post Insurance Co., Ltd - Key Facts
Table 41: Japan Post Insurance Co., Ltd - Key Financials (JPY Trillion), 2011-2015
Table 42: Meiji Yasuda Life Insurance Company - Key Facts
Table 43: Meiji Yasuda Life Insurance Company - Key Financials (JPY Billion), 2011-2015
Table 44: Sumitomo Life Insurance Company - Key Facts
Table 45: Sumitomo Life Insurance Company - Key Financials (JPY Billion), 2011-2015
Table 46: Dai-ichi Life Insurance Company Ltd - Key Facts
Table 47: Dai-ichi Life Insurance Company Ltd - Key Financials (JPY Trillion), 2011-2015
Table 48: Japan - Insurance Regulatory Framework Key Features
Table 49: Japan - Life Insurance Regulatory Framework
Table 50: Japan - Property Insurance Regulatory Framework
Table 51: Japan - Premium Rates for Earthquake Insurance
Table 52: Japan- Motor Insurance Regulatory Framework
Table 53: Japan - Liability Insurance Regulatory Framework
Table 54: Japan - CALI Premium Rates for Different Types of Motor Vehicles (in JPY)
Table 55: Japan - Corporate Tax Rates for the Financial Year 2016
Table 56: Japanese Life Insurance - Policies and Premium, 2011-2015
Table 57: Japanese Life Insurance - Policies and Premium, 2015-2020
Table 58: Japanese Life Insurance - Claims and Expenses, 2011-2015
Table 59: Japanese Life Insurance - Claims and Expenses, 2015-2020
Table 60: Japanese Life Insurance - Assets and Investments, 2011-2015
Table 61: Japanese Life Insurance - Assets and Investments, 2015-2020
Table 62: Japanese Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 63: Japanese Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 64: Japanese Life Insurance - Insurance Agencies, 2011-2015
Table 65: Japanese Life Insurance - Insurance Agencies, 2015-2020
Table 66: Japanese Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 67: Japanese Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 68: Japanese Life Insurance - Individual Life Insurance, 2011-2015
Table 69: Japanese Life Insurance - Individual Life Insurance, 2015-2020
Table 70: Japanese Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 71: Japanese Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 72: Japanese Life Insurance - Group Life Insurance, 2011-2015
Table 73: Japanese Life Insurance - Group Life Insurance, 2015-2020
Table 74: Japanese Life Insurance - Group Life Insurance by Product, 2011-2015
Table 75: Japanese Life Insurance - Group Life Insurance by Product, 2015-2020
Table 76: Japanese Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 77: Japanese Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 78: Japanese Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 79: Japanese Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 80: Insurance Industry Definitions
List of Figures
Figure 1: Japanese Real GDP (JPY Trillion), 2011-2020
Figure 2: JPY-US$ Exchange Rate, 2011-2020
Figure 3: Japanese Consumer Price Inflation (%), 2011-2020
Figure 4: Japanese Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 5: Japanese Unemployment Rate, 2011-2020
Figure 6: Japanese Population by Age Group, 1990-2025
Figure 7: Japanese Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Japanese Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Japanese Life Insurance - Gross Written Premium (JPY Trillion), 2011-2020
Figure 10: Japanese Life Insurance - Penetration (%), 2011-2020
Figure 11: Japanese Life Insurance - New Business Direct Written Premium (JPY Trillion), 2011-2020
Figure 12: Japanese Life Insurance - Premium per Capita (JPY), 2011-2020
Figure 13: Japanese Life Insurance - Number of Policies Sold (Million), 2011-2020
Figure 14: Japanese Life Insurance - Paid Claims (JPY Trillion), 2011-2020
Figure 15: Japanese Life Insurance - Sum Assured (JPY Trillion), 2011-2020
Figure 16: Japanese Life Insurance - Total Assets (JPY Trillion), 2011-2020
Figure 17: Japanese Life Insurance - Total Investment Income (JPY Trillion), 2011-2020
Figure 18: Japanese Life Insurance - Investment Portfolio (JPY Trillion), 2011-2020
Figure 19: Japanese Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 20: Japanese Life Insurance - Direct Written Premium by Sub-Segment (JPY Trillion), 2011-2020
Figure 21: Japanese Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 22: Japanese Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 23: Japanese Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2020
Figure 24: Japanese Individual Life Insurance - Penetration (%), 2011-2015
Figure 25: Japanese Individual Life Insurance - Penetration (%), 2015-2020
Figure 26: Japanese Superannuation - Direct Written Premium (JPY Trillion), 2011-2020
Figure 27: Japanese Group Life Insurance - Number of Policies Sold by Category (Million), 2011-2020
Figure 28: Japanese Group Life Insurance - Penetration (%), 2011-2015
Figure 29: Japanese Group Life Insurance - Penetration (%), 2015-2020
Figure 30: Japanese Life Insurance - New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 31: Japanese Life Segment - Market Shares of Leading Insurers (%), 2015
Figure 32: Japan - Insurance Supervision and Control at Various Levels
Figure 33: Japan - Insurance Regulatory Frameworks for Company Registration and Operation
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