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Leading life insurance companies in Japan 2014, by gross premiums written

Leading life insurance companies in Japan in 2014, by gross premiums written (in billion U.S. dollars)

by Statista Research Department, last edited Aug 9, 2019
Leading life insurance companies in Japan 2014, by gross premiums written In an expanding insurance industry, Nippon led the ranking of life insurance companies in Japan in 2014, with gross premiums written amounting to approximately 50.36 billion U.S. dollars, while Japan Post followed with a little over 40 billion dollars in the same year.
Diversification of the life insurance market

Although the total income from insurance premiums in Japan had been growing gradually since 2002, it had started declining during recent years, while the customers’ life insurance needs had diversified: changes in the household composition due to the aging society, declining birthrate and late marriages had decreased the need for large death benefits aimed at heads of households. The demand for third sector insurance, such as medical and nursing care products was growing. The future of the life insurance market was thus, dependent on the ability of insurers to address the diversifying needs.

Exploring new markets

The life insurance market in the country was more than twice as large as the non-life insurance market. In the same year, Sompo Japan was the largest non-life insurance company in Japan with 22.85 billion U.S. dollars in gross premiums written. This difference may have been due to Japan having the second highest life expectancy in the world, after Hong Kong, as well as an aging population. In order to soften the impact of negative interest rates and a fast-maturing domestic market, Japanese insurance companies had begun investing heavily in acquisitions, becoming the world’s second largest buyer of insurance assets.
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Leading life insurance companies in Japan in 2014, by gross premiums written (in billion U.S. dollars)

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