Net premiums written of general insurance companies in Japan totaled around 9.1 trillion Japanese yen in the fiscal year 2022, up from 8.8 trillion yen in the previous year.
Leading segments of the P&C insurance market
Voluntary automobile insurance was the largest business line, making up nearly half of net premiums written of private insurers. The second-largest segment in Japan’s general insurance market was fire insurance. Fire insurance is property insurance that protects buildings, dwellings, and household goods against damage caused by fire, various weather phenomena, and theft. To protect their homes against damage caused by earthquakes, consumers have to purchase earthquake insurance as an add-on to fire insurance. Over one-third of households in Japan were covered by earthquake insurance in 2022.
Japan's non-life insurance market
Japan’s general insurance market is among the largest in the world. Non-life insurance penetration, or gross premiums written as a percentage of the GDP, stood at 1.8 percent in the fiscal year 2022, and the per capita spending on non-life insurance was 562 U.S. dollars. The market is dominated by the three largest property and casualty insurance groups, Tokio Marine Holdings, MS&AD Holdings, and Sompo Holdings. They generated net premiums written of over 12 trillion yen in fiscal 2022.
Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022
(in trillion Japanese yen)
Characteristic
Net premiums written in trillion Japanese yen
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fiscal years 2013 to 2022; the Japanese fiscal year starts on April 1 of the stated year and ends on March 31 of the following year
Supplementary notes
The figures are the totals for GIAJ member companies.
Note: Net Premiums Written = direct premiums written + inward reinsurance net premiums - outward reinsurance net premiums - savings portion of maturity-refund type insurance premiums.
100 Japanese yen equal 0.69 U.S. dollars or 0.63 euros as of September 2023.
Figures have been rounded.
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GIAJ. (September 26, 2023). Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022 (in trillion Japanese yen) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/
GIAJ. "Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022 (in trillion Japanese yen)." Chart. September 26, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/
GIAJ. (2023). Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022 (in trillion Japanese yen). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/
GIAJ. "Net Premiums Written of General Insurance Companies in Japan from Fiscal Year 2013 to 2022 (in Trillion Japanese Yen)." Statista, Statista Inc., 26 Sep 2023, https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/
GIAJ, Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022 (in trillion Japanese yen) Statista, https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/ (last visited July 22, 2024)
Net premiums written of general insurance companies in Japan from fiscal year 2013 to 2022 (in trillion Japanese yen) [Graph], GIAJ, September 26, 2023. [Online]. Available: https://www.statista.com/statistics/983417/japan-net-premiums-written-general-insurance/