(MENAFN- PR Newswire) NEW YORK, Sept. 22, 2023 /PRNewswire/ -- The
Japan - Insurance Market
is estimated to increase by USD 54.7 billion, accelerating at a CAGR of 3.12%, during the forecast period.
The insurance market in Japan is concentrated owing to the presence of many global and regional companies. The prominent companies that offer insurance market in Japan are Allianz SE, Asahi Mutual Life Insurance Co., Dai Ichi Life Holdings Inc., Mitsubishi HC Capital Inc., MS and AD Insurance Group Holdings Inc., Nippon Life Insurance Co., Sompo Holdings Inc., Sumitomo Life Insurance Co., The Toa Reinsurance Co. Ltd., Zurich Insurance Co. Ltd., AFLAC Inc., Lifenet Insurance Co. Ltd., and Meiji Yasuda Life Insurance Co. The report provides a full list of key companies, their strategies, and the latest developments. Request free sample report now Continue Reading
Technavio has announced its latest market research report titled Insurance Market in Japan 2023-2027
Japan - Insurance Market:
Allianz SE: The company offers insurance such as Accident Insurance, Cancer Insurance, Critical Illness Insurance, Final Expense Insurance, and Pet Insurance.
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Japan - Insurance Market: Market Dynamics
The high focus on short-term insurance is one of the key factors driving the Japan insurance market growth. Short-term insurance primarily serves the function of offering individuals and companies the opportunity to secure protection for various events such as travel, special gatherings, exhibitions, and brief projects. Japan, as a nation, faces a higher susceptibility to diverse risk factors, encompassing natural calamities, health crises, and disruptions to businesses. Key Trend - A key factor shaping the Japan insurance market growth is the increasing demand for automotive insurance. In Japan, it's a requirement for all vehicle owners to possess liability insurance, which serves to provide coverage for potential harm or injuries inflicted on third parties. Furthermore, the likelihood of accidents and collisions is on the rise, particularly in urban regions, owing to the heavy traffic congestion prevalent in Japan. Major Challenges
- Vulnerability toward cybercrime is one of the key challenges hindering the Japan insurance market growth. The primary purpose of short-term insurance is to provide individuals and companies with the means to obtain coverage for a range of events, including travel, special occasions, exhibitions, and short-term projects. Japan, as a country, is particularly vulnerable to a wide array of risks, which include natural disasters, health emergencies, and interruptions to business operations.
For more details on the drivers, trends and challenges, download the free sample report here
Japan - Insurance Market: Market Segmentation
Sales personnel Insurance agencies
In Japan's insurance market, the life insurance segment stands out as one of the largest segments, encompassing 90% of the population.
This remarkable expansion is primarily driven by the attractive feature of low interest rates offered to customers for life insurance policies.
Insurance Market: The insurance market size is estimated to grow at a CAGR of 4.5% between 2022 and 2027. The insurance market size is forecast to increase by USD 1,429.64 billion.
Personal Accident and Health (PA&H) Insurance Market:
The personal accident and health insurance market size is estimated to grow at a CAGR of 8.75% between 2022 and 2027. The market size is forecast to increase by USD 665.73 billion.
Insurance Market In Japan Scope
Growth momentum & CAGR
Accelerate at a CAGR of 3.12%
YoY growth 2022-2023 (%)
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by
7 Market Segmentation by
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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